Egypt's Al-Mashat participates in 2023 Spring Meetings of WBG, IMF in Washington

CAIRO - 10 April 2023: Under the theme “The Way Forward: Building Resilience and Reshaping Development,” the 2023 WBG & IMF Spring Meetings  will begin today, Monday, in Washington, DC, with the participation of Rania A.  Al-Mashat, Minister of International Cooperation and Governor of Egypt at the WBG.

 

The Egyptian Minister is scheduled to speak at a number of events and discussion sessions, and to hold a number of bilateral meetings with multilateral and bilateral development partners.

 

The Spring Meetings of the Boards of Governors of the WBG and the IMF bring together central bank governors, ministers of finance and development, senior private sector officials, and representatives from civil society organizations and academia to discuss issues of global concern.

 

In addition to the main topics to be discussed at the Spring Meetings of the WBG and the IMF, which revolve around the complex challenges facing the global economy after three years of the COVID-19 pandemic, the exacerbation of uncertainty due to the Russian-Ukrainian war, and the risks facing the global economy due to the rise in US interest and inflation rates, there is a focus this year on the evolution of the roadmap for the bank’s development of in order to develop more effective solutions to poverty, inequality and development challenges. 

 

Over the course of the meetings, starting from today until next April 16, Al-Mashat is scheduled to participate in a number of events, including the G-24 Ministers and Governors Meeting, and other discussion sessions on the role of philanthropic organizations in implementing climate action goals, and financing climate and energy security, and evaluating of the role of multilateral development banks in supporting development efforts, and strengthening the role of the private sector in climate action efforts and carbon markets. This is addition to the Development Committee Meeting and the Human Capital Ministerial Conclave. 

 

The Minister will also hold many meetings with multilateral and bilateral development partners, from the WBG, the US government, the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the Rockefeller Foundation, the International Finance Corporation (IFC), Climate Investment Funds (CIF), as well as representatives of international companies, the private sector and other relevant entities.

 

The bank’s evolution roadmap represents great importance during the Spring Meetings, especially in light of the announcement of the current president of the WBG to step down from his post on June 30, after a period of service that lasted for more than 4 years.

 

On January 11, the WBG Board of Executive Directors discussed the initial draft on developing the bank’s mission, role and resources, which includes three main areas: reviewing the Bank’s vision and mission, reviewing the operating model, and exploring options to enhance its financial capacity. 

 

The Development Committee is meeting in the current Spring Meetings in order to prepare a paper on proposals related to the group's vision, mission and plan in an attempt to crystallize and discuss them at the Annual Meetings in Marrakesh, Morocco.

 

Egypt holds long-standing relations with the WBG, as it is one of the most prominent multilateral development partners that support the country's development priorities in various fields. Recently, its Board of Executive Directors approved the new Country Partnership Framework for Egypt for 2023- 2027, consistent with the Government of Egypt's sustainable development strategy, "Egypt's Vision 2030", and the National Climate Change Strategy 2050.