Egypt discusses strengthening economic cooperation with Nigeria, Tanzania during 2022 Spring Meetings

CAIRO - 28 April 2022: The Minister of International Cooperation, Rania A. Al-Mashat held several meetings with multilateral and bilateral development partners during the 2022 Annual Spring Meetings of the World Bank Group (WBG) and International Monetary Fund (IMF). 

 

Within those meetings, Al-Mashat has met with Zainab Shamsuna Ahmed, Nigeria’s Minister of Finance, Budget & National Planning; and with Emmanuel Mpawe Tutuba, Tanzania’s Permanent Secretary of the Ministry of Finance and Planning, to discuss strengthening joint economic relations and economic cooperation. 

 

During the meeting with  Nigeria’s Minister of Finance, they discussed the global economic situation, the challenges facing development in Africa, and the Russian-Ukrainian crisis. 

 

The Minister of International Cooperation highlighted the efforts made to advance innovative financing tools,  to stimulate sustainable development efforts, and to provide opportunities for the private sector participation in mitigation and adaptation projects. 

 

Al-Mashat stressed the important role of the private sector in supporting climate action, alongside efforts by governments and multilateral and bilateral development partners. 

 

The meeting also discussed South-South cooperation and its importance in accelerating sustainable development in developing and emerging economic countries by exchanging expertise and experience. 

 

Al-Mashat emphasized that climate action cannot be seen separately from development, stressing the importance of enhancing food security efforts through cooperation within the African continent, to address global challenges in supply chains.

 

The minister also met with Tanzania’s Permanent Secretary of the Ministry of Finance and Planning to discuss strengthening joint economic cooperation between the Governments of Egypt and Tanzania. The Minister also noted the joint Multi-Stakeholder Platform on South-South Cooperation held with the United Nations Development Program. 

 

The Minister referred to the constructive relations between Egypt and the UN and its affiliated agencies and programmes, and joint work to enhance development cooperation efforts to accelerate progress towards the 2030 Agenda. Al-Mashat also emphasized the importance of hosting COP27, supporting the continent’s efforts in the green transformation. 

 

For his part, Tutuba thanked Egypt for its constructive cooperation in implementing the Tanzania Dam with effective participation from  the Egyptian private sector, which opens prospects for more opportunities for economic partnerships, investment and trade cooperation between both countries. He noted that Tanzania is ready for cooperation and joint work within the framework of the COP27. 

 

During the activities of the 2022 Spring Meetings, Al-Mashat also participated in the “Critical Investments in Human Capital for an Equitable Recovery: Reversing Learning and Job Losses” virtual event, including WBG President  David Malpass.

 

Al-Mashat, who is also Governor of Egypt at the World Bank Group, is participating in the WBG and IMF Spring Meetings which are being held with physical participation for the first time after being virtually held in 2020 and 2021 due to the COVID-19 pandemic.