Rania A. Al-Mashat’s Post

Throwback to The World Bank & International Monetary Fund #SpringMeetings in Washington last month where I met with several of World Bank directors, including MD Anna Bjerde, IFC - International Finance Corporation’s Makhtar Diop, Chief Economist Indermit Gill, the bank's new MENA VP Osmane Dione & MIGA's Exec. VP Hiroshi Matano, on the strategic #cooperation with #Egypt in the upcoming period. Also met with the UK's Minister of State Andrew Mitchell & with Dutch Minister of Foreign Trade & Devevelopment Cooperation Liesje Schreinemacher on potential business partnerships & opportunities to cooperate on #climate action & food security. During the week, I participated in the Ministerial Roundtable on "Implementing for Faster Results & Greater Impact", hosted by Anna Bjerde, also in the World Economic Forum’s "Jumpstarting Private Climate Finance: Fulfilling the Emerging Markets Promise" discussion, & Women Political Leaders (WPL) talk on empowering women.

I welcomed the European Commission high-level delegation led by Deputy Director General Elena Flores Gual, along with EU Amb. in Egypt Christian Berger. The Ministry of International Cooperation is coordinating national efforts for the economic pillar of Macro-Financial Assistance (MFA); streamlining work with development partners in support of #Egypt’s home-grown structural reforms. This is within the framework of the Joint Declaration on the Strategic and Comprehensive Partnership signed by H.E. President Abdel Fattah El-Sisi EU & President Ursula von der Leyen. 🇪🇬🇪🇺

Getting ready for Easter in #Egypt 🐣 with Fesiekh (salty fish), feteer & more. Throwback to a memorable morning coffee with my niece Leila and nephew Zein …Wish they were here! I hope everyone has a lovely long weekend. كل سنة وأنتم طيبين 💛 #ShamElNesiem #شم_النسيم

On behalf of the President of the Arab Republic of #Egypt H.E. President Abdel Fattah El-Sisi, I participated in the International Development Association #IDA21 for #Africa Heads of State Summit in Nairobi, Kenya. By crowding in support from diverse resources, the #IDA21 Replenishment can steer Africa toward sustainable & inclusive development, as a key partner capitalizing on the potential of the continent by investing in human capital, infrastructure and food security in a country-driven model. Egypt is a successful example of this, moving from a recipient to donor #IDA country, believing that the only way for Africa to progress is by acknowledging our shared destiny. As a platform for discussing ways to maximize IDA's efforts, the summit called for developed countries & international institutions to support Africa's development by availing just financing for projects & fostering economic growth programs. Going forward, the focus in Africa is on several aspects including increasing IDA support by making finance more accessible, empowering youth in the job market, and prioritizing private sector development. نيابة عن السيد الرئيس عبدالفتاح السيسي رئيس جمهورية مصر العربية، شرُفتُ بالمشاركة في قمة رؤساء دول قارة أفريقيا الذي اجتمعوا في كينيا، لمناقشة التجديد الـ21 لموارد المؤسسة الدولية للتنمية IDA، التابعة لمجموعة البنك الدولي، حيث تؤيد مصر دعم موارد المؤسسة لتمويل الدول الأقل دخلًا ومساعدتها على تجاوز تحديات التنمية. كان الاجتماع بمثابة نداءً عالميًا من قارة أفريقيا، حيث دعت القمة التي عُقدت بحضور السيد/ أجاي بانجا، رئيس مجموعة البنك الدولي، إلى ضرورة دعم التنمية في القارة من خلال توفير التمويل العادل، وزيادة موارد المؤسسة بما يعظم من دورها في مساندة دول القارة.

Macro-economic stability is a prerequisite and necessary condition to implement home grown #sustainable structural reforms designed to attract private investment. In #Egypt, the structural reform program is focused on three key pillars: improving economic competitiveness and business environments, macro-fiscal resilience, and the green transition. This is coupled with targeted social protection programs. I underscored how the Ministry of International Cooperation is streamlining work across all development partners to secure necessary #development finance to support these reforms, including from The World Bank & European Commission. This, and more, during my conversation with CNBC’s Dan Murphy earlier this week at the World Economic Forum’s #SpecialMeeting24 in Riyadh. Interview: https://lnkd.in/dnwu86kf

Only about 20% of clean energy investments flows to the Global South. But this is not enough. Availing a consistent flow of development finance for developing & emerging countries is crucial if we are to meet the #SDGs in the backdrop of geopolitical challenges. This can be realized through international #cooperation calling for an equitable distribution of #climate finance, debt relief & the operationalization of a loss & damage fund, as well as more public-private partnerships. World Economic Forum #SpecialMeeting24

Busy day in Riyadh at the World Economic Forum’s #specialmeeting on Global Collaboration, Growth & Energy for #Development. I participated in a talk on 𝗖𝗿𝗼𝘀𝘀 𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗘𝗻𝗲𝗿𝗴𝘆 𝗧𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 for scaling up clean energy in emerging economies, a key priority for #Egypt. As a board member of the WEF's Center for New Economy & Society, I spoke in the 𝗛𝘂𝗺𝗮𝗻 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗜𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲𝘀 event on reskilling for the jobs of the future, keeping pace with #digitalization & an evolving tech scene and also participated in the 𝗚𝗹𝗼𝗯𝗮𝗹 𝗚𝗲𝗻𝗱𝗲𝗿 𝗣𝗮𝗿𝗶𝘁𝘆 session on creating a feasible & accelerate roadmap, with long-time friend Saadia Zahidi. I did several media interviews with CNBC, CNN & BBC News & will be sharing them soon, in addition to a number of bilateral meetings. ✈️ Next Stop ➡️ IDA 21 Replenishment Summit in Kenya.

From #Aswan, I gave my remarks at the high-level United Nations Economic & Social Council roundtable on Financing For Development forum last week in a session chaired by UN ECOSOC president Paula Narváez. Watch the video below ⬇️ The forum featured opening remarks from SG António Guterres, General Assembly Pres. Dennis Francis & speeches from Ministers of Finance, International Cooperation, Development and Climate Policy from Chile, Qatar, Denmark, and many others. In my session, I underscored: ➡️ Availing consistent development finance for developing & emerging countries is crucial if we are to meet the #SDGs, given ongoing global challenges. In 2023, capital has flown out of emerging & developing economies into developed economies on the back of monetary policy tightening in the latter and for debt repayment. ➡️ The disparity between the available development finance & the targets within each #SDGs is growing, making it more difficult for countries to meet their goals. ➡️ Poverty elimination, sustainable development & climate action all must go hand in hand. ➡️ More equitable distribution of climate finance is needed to support vulnerable communities that are most impacted by climate change. 🔗 Link for the full video: https://lnkd.in/dnbF6crc

Effective #development cooperation can only be realized with beneficiaries on the ground. Last week, I visited several projects in Aswan with Ministry of Social Solidarity - Egypt Minister H.E. Nevine el-Kabbaj & Governor Major-General Ashraf Attia. Our first stop was at the 𝗪𝗼𝗺𝗲𝗻 𝗛𝗮𝗻𝗱𝗶𝗰𝗿𝗮𝗳𝘁𝘀 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗲 𝗔𝘀𝘀𝗼𝗰𝗶𝗮𝘁𝗶𝗼𝗻 with MSMEDAEG Bassel Rahmy & UNDP Egypt Alessandro Fracassetti. Next, we met with the beneficiaries of a project to 𝗘𝗻𝗵𝗮𝗻𝗰𝗲 𝗟𝗶𝘃𝗲𝗹𝗶𝗵𝗼𝗼𝗱𝘀 & 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗼𝗳 𝗩𝗶𝘀𝗶𝘁𝗼𝗿𝘀 to #Egypt through capacity building, improving employability & vocational training with EU Ambassador Christian Berger & World Food Programme. We also visited the 𝗪𝗮'𝗮𝗶 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗣𝗿𝗼𝗴𝗿𝗮𝗺𝗺𝗲 with the EU & UNDP Egypt, empowering women in vulnerable communities.

Today is the International Day of #Multilateralism, a concept we need to continue to push for & advocate despite the challenging global backdrop that includes a multitude of geopolitical challenges that are holding back the much needed development. The concept can only be operationalized through international cooperation & effective partnerships between global sustainable #development objectives and national visions. A few days ago at The World Bank & International Monetary Fund, we launched a 𝗚𝗹𝗼𝗯𝗮𝗹 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝘃𝗲 𝗖𝗼-𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺, aiming to achieve greater efficiency, scale and impact through project co-financing. This was launched in partnership with many of #Egypt's key development partners: African Development Bank Group, Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), CEB - Council of Europe Development Bank, EBRD, European Investment Bank (EIB), Inter-American Development Bank, Islamic Development Bank (IsDB), New Development Bank (NDB) &The World Bank. To view the portal: https://lnkd.in/daxR2zkn This platform was developed for MDBs and other co-financiers to support multilateral and bilateral cooperation, scaling up finance & reducing the challenges emerging & developing countries, in line with The World Bank evolution.