Al-Mashat in Washington for the 2022 IMF and World Bank Group Annual Meetings

Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group (WBG), arrived in Washington for the 2022 Annual Meetings of the International Monetary Fund (IMF) and the WBG, which will be held from October 10 to 16, under the theme “Unity in times of crisis”.

The 2022 IMF and WBG Annual Meetings come at a difficult time as the global economy experiences the repercussions of numerous successive crises, including the COVID-19 pandemic, the Russian-Ukrainian war, supply chain disruptions and rising food and energy prices. worldwide. The 2022 Annual Meetings will examine the overlapping crises facing development efforts, working on resilience and the ability to cushion the shocks of future challenges.

As part of development cooperation with the WBG, and as one of Egypt’s largest multilateral development partners, Al-Mashat will participate in a variety of events on accelerating the Sustainable Development Goals (SDGs) and the strengthening of efforts towards the green transition, in particular before COP27 in Sharm el-Sheikh.

Some of the Minister’s activities will include the annual G24 Intergovernmental Meeting of Ministers and Governors; the Global Food Security Symposium organized by Citibank in cooperation with George Washington University and the Elliott School of International Affairs; and the World Economic Forum’s Digital Payments Leaders’ Roundtable. In addition, Al-Mashat will participate in several events organized by development partners and the private sector such as the International Finance Corporation (IFC), the European Investment Bank (EIB), Amazon Web Services and the Rockefeller Foundation, in addition to be a speaker in the IMF study “Promoting Inclusive Growth in the Middle East and North Africa: Challenges and Opportunities in a Post-Pandemic World”.

While in Washington, Al-Mashat will also hold several bilateral meetings with Sergio Pimenta, IFC Regional Vice President for Africa; Jurgen Voegele, Vice Chair of the WBG Sustainability Practice Group; Minister Azucena Arbeleche, Minister of Economy and Finance of Uruguay; Gelsomina Vigliotty, European Investment Bank (EIB) vice-president for the Mashreq region; Junaid Kamal Ahmad, Vice President for Operations of the Multilateral Investment Guarantee Agency (MIGA); and Badr Mohamed El Saad, Managing Director and President of the Arab Fund for Economic and Social Development (AFESD).

Egypt and the WBG share a development cooperation portfolio of 14 ongoing projects worth $6.8 billion, as well as 23 projects with technical support and advice.

Recently, the Ministry of International Cooperation announced the approval of a $400 million development financing agreement to develop sustainable infrastructure in the transport sector in Egypt, supporting the transition to low-carbon transport along the Alexandria, 6th of October and Greater Cairo (GCA) rail corridor, as well as $500 million for food security.

Last June, a high-level delegation from the World Bank Group’s Board of Directors visited Cairo, and a statement was issued by the Bank, during which the World Bank Group’s commitment to continue supporting development priorities in Egypt was published.



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