AIRO – 20 October 2021: The Minister of International Cooperation and Egypt’s Governor at the World Bank Group (WBG) Rania A. Al-Mashat emphasized the need to support the middle-income countries’ efforts in combating climate change, in light of the challenges facing the global economy; through providing them with the needed support to adopt the necessary measures for overcoming these challenges.
This came during Minister Al-Mashat’s participation in the Arab Governors meeting with the World Bank Group’s President, David Malpass, where Al-Mashat stated that in light of the imminent convening of the United Nations Climate Change Conference COP26, and within the framework of Egypt’s hosting of the next edition of the conference, it is necessary for the WBG to join efforts in increasing development financing allocated to climate change adaptation projects, as well as to push forward policies that are aimed at achieving strategic, constructive partnerships between the government and the private sector; supporting climate change agenda.
The Minister further noted that the COVID-19 pandemic has imposed a two-fold challenge on the global economy; necessitating the importance of the support provided by the WBG and International Financial Institutions (IFIs), through technical support, innovative financing tools, and supporting regional integration. Furthermore, Al-Mashat stated that Egypt has taken proactive measures in enhancing regional cooperation between several countries, including Saudi Arabia, Jordan, and Iraq.
She urged the WBG to add more development financing facilitations with the middle-income countries, in light of the pressing repercussions of the pandemic, in order to enable these countries to achieve sustainable recovery. Al-Mashat further referred to the attention countries of the region draw to sheltering migrants, as Egypt hosts 5 million refugees; noting that this requires strengthened cooperation with IFIs to support development in these countries.
Al-Mashat has participated in the Annual Meeting of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF), under the theme of ‘Helping Countries on their Path Towards a Green, Resilient and Inclusive Recovery in order to Face Future Challenges’, to discuss significant high-priority areas of development in the global agenda, including the green transition, enhancing food security, and supporting countries to recover growth rates that were affected by the pandemic.