Egypt seeks to increase Africa’s financial resources through international institutions

Egyptian Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said that her country is currently working to increase the financial space available to African countries in international institutions, in order to implement the 2063 Development Agenda.

Speaking during the Africa Caucus 2024 meeting in Abuja, Nigeria, the Minister underlined the importance of ongoing discussions between the African Group and the World Bank aimed at strengthening cooperation with one of the largest multilateral development banks, addressing the development challenges faced by African countries and working towards achieving the Development Agenda.

The meeting, hosted by the presidents of the International Monetary Fund and the World Bank Group, aimed to find ways to accelerate intra-Africa trade as a catalyst for sustainable economic growth.

“We are working to increase the financial resources available to African countries from international institutions to support the implementation of the 2063 Development Agenda,” Al-Mashat told participants.

She added that Egypt aims for deeper integration with its African counterparts, as set out in the Vision 2030 plan, as well as promoting intra-South cooperation to share development experiences and best practices.

During the meetings, World Bank officials presented the group’s strategy for regional integration in Africa and discussed an initiative launched in April by the World Bank Group and the African Development Bank.

The initiative aims to provide electricity to around 300 million people in Africa by 2030 through partnerships between multilateral development banks and private sector investments.

Participants also discussed ways to implement the African Continental Free Trade Agreement by unifying payment systems at the continental level, strengthening digital transformation efforts, developing sustainable infrastructure and adopting effective policies aimed at digital transformation.

Additionally, discussions covered ways to enable start-ups to access private sector financing and facilitate trade and regional integration in Africa.