CAIRO - 30 April 2024: Minister of International Cooperation (MoIC), Rania Al-Mashat, delivered a speech at the International Development Association (IDA) Africa Heads of State Summit in Kenya on behalf of President Abdel Fattah El-Sisi.
El-Sisi emphasized the summit's significance in reminding us of Africa's collective destiny and its potential for development.
He underscored the importance of addressing various challenges faced by the continent, including climate change, epidemics, conflicts, and high levels of debt, which have hindered economic progress.
Egypt's successful transition from being an IDA beneficiary to becoming a donor country was highlighted as an inspiring example of support extended to other African nations.
The president emphasized that despite these challenges, Africa possesses natural resources capable of driving economic growth, job creation, and financial stability.
Notably, he highlighted Africa's greatest asset, its expanding youth population, which is projected to become the largest global workforce.
To expedite poverty reduction and promote economic growth, the President stressed the need for multifaceted solutions.
These include investing in human capital, embracing digital transformation, strengthening local institutions, expanding access to energy, enhancing communication and trade, and supporting climate adaptation and private sector investments.
Furthermore, He emphasized the significance of mobilizing domestic resources, combatting illicit financial flows, and promoting regional integration.
The speech highlighted the opportunities presented by regional integration, such as implementing trade agreements like the African Continental Free Trade Area, investing in efficient transportation networks and energy connectivity, and adopting the African propulsion system.
These initiatives can expand markets and create employment opportunities.
In terms of financing and debt restructuring, the President called for increased concessional financing led by the IDA. This support is essential for achieving comprehensive economic growth and sustainable development goals in Sub-Saharan Africa.
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