Minister Al-Mashat emphasizes importance of joint financing for development projects

CAIRO – 22 April 2024: A consortium of 10 multilateral development banks launched a joint financing platform. The initiative was announced during the spring meetings of the International Monetary Fund and the World Bank and witnessed the active participation of Rania Al-Mashat, the Minister of International Cooperation and Governor of Egypt at the World Bank Group.

 

The newly launched “Global Collaborative Co-Financing Platform” aims to channel additional capital, broaden the scope and impact of development, mobilize funds for large-scale projects, and alleviate the burdens faced by beneficiary nations. The platform will consist of a digital co-financing portal and a co-financing forum, providing a dedicated space for stakeholders to explore collaborative funding opportunities.

 

During her address at the launch event, Minister Al-Mashat highlighted the significance of joint financing among development partners in facilitating the implementation of immense projects that require substantial funding. She emphasized the importance of mobilizing resources for developing and emerging countries, underscoring the need for clear visions, strategies, and bankable projects to achieve these objectives.

 

The banks' consortium includes the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, the New Development Bank, and the World Bank Group.

 

Minister Al-Mashat further revealed that Egypt, through its framework of international cooperation and development financing, has successfully engaged development partners in numerous projects, despite variations in governance frameworks and standards across different entities. Notable initiatives encompass comprehensive health insurance and the launch of national strategies in collaboration with diverse projects and partners, all aligned with Egypt's priorities, strategies, and development plans.