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  • Saturday, 15 April 2023

With the Participation of the UN DSG Deputy Secretary-General of the United Nations, G20 Countries, Heads of International Financing Institutions and the Private Sector, Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat, Participates in Discussions with the International Community on MDB reform to Finance the SDGs

• The Minister of International Cooperation indicates the necessity of integrating regional and international dimensions in efforts to strengthen the operational model of the World Bank Group and to preserve country-models and platforms and their ownership of development strategies.

The  Minister of International Cooperation and Governor of Egypt at the World Bank Group H.E. Dr. Rania A. Al-Mashat participated in the meeting chaired by Amina J. Mohammed, the Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group, with Ministers of Finance and International Cooperation, representatives of G-20 member countries, and heads of state, international financing institutions, business leaders and the private sector, to discuss financing the SDGs and the required multilateral development bank (MDB) reforms, on the sidelines of the World Bank and International Monetary Fund (IMF) 2023 Spring Meetings in Washington.

The meeting was held in light of the great importance of MDBs in financing the SDGs, in facing the complex challenges in the world and in enhancing the ability of developing countries to face shocks, and the importance of significantly expanding investments and financing to meet the needs of developing countries and emerging economies to finance development. The meeting discussed the G20’s calls at the summit held in Bali, on the need to mobilize and provide additional financing to support the achievement of the SDGs.

In her remarks during the meeting, Al-Mashat stressed the importance of promoting structural reforms in multilateral development banks, especially the World Bank, noting that despite the exacerbation of development challenges and climate change crises facing countries since the COVID-19 pandemic, funds are not increasing in a way that enables countries to face these crises.

Al-Mashat stated that there is no economy or country in the world that can face the global economy crisis alone, pointing out that these challenges require a comprehensive reform in multilateral development banks to increase the level and quality of financing in a way that enables countries to reduce poverty rates and promote growth through a comprehensive and sustainable economy.

The Minister referred to the communique issued by the meeting of the G24 during the spring meetings, which welcomed proposals to strengthen the operational model of the World Bank, and the need to integrate global and regional dimensions while maintaining country-platforms and models based on the country partnership framework of each country. H.E. pointed out that the G-24 also recommended the need for close cooperation with other multilateral organizations, including the Green Climate Fund, multilateral development banks and other regional development banks, to explore comparative advantages and opportunities for integration to support global development efforts.

Moreover, Al-Mashat stressed that the emergence of effective results from multilateralism will not take place without extensive consultations between all relevant entities, which is what is being in the consultations on the evolution roadmap for the World Bank, with all stakeholders, and especially developing countries. 

The Minister called for increased coordination and joint action between the relevant parties from governments, multilateral development banks and the private sector, to expand innovative financing tools, risk reduction tools and increase incentives that encourage private investment.

Under the theme “The Way Forward: Building Resilience and Reshaping Development,” Al-Mashat is participating in the World Bank & IMF Spring Meetings, along with the participation of central bank governors, finance ministers, development partners, senior officials from the private sector, philanthropic organizations and academic, to discuss issues of global concern.