During her participation in the spring meetings, Al-Mashat calls on the world to fulfill climate pledges
During her participation in the spring meetings… Al-Mashat calls on the world to fulfill climate pledges
Ministry of International Cooperation – Yesterday, Wednesday – praised the speech of Dr. Rania Al-Mashat, which she delivered at the meeting of the Intergovernmental Group of 24 concerned with monetary and development affairs at the levels of ministers and governors, in her capacity as “Minister of International Cooperation and Governor of Egypt in the World Bank Group.”
The meeting was attended by David Malpass, President of the World Bank Group, Kristalina Georgieva, Director General of the International Monetary Fund, in addition to representatives of the International Monetary Fund and the World Bank, as well as members of the Group of 24 from Latin America, Africa and Asia.
It is worth noting that the G24 has shown its appreciation for the Egyptian role in chairing – as well as hosting – the climate conference “COP27”. The international group also noted climate action efforts, and also stated its support for the Sharm El-Sheikh plan. To implement climate obligations, especially those obligations related to the launch of the Loss and Damage Fund.
Al-Mashat began her speech by congratulating Iyabo Macha – the new Director of the Intergovernmental Group of 24 on Financial and Monetary Affairs. The minister also said: “The world is at a very difficult juncture, especially with the increase in successive crises after the ongoing war in Europe cast its geopolitical shadow over the entire world.”
She added: “Among the obstacles to development and investment currently are: uncertainty about trade flows and supply chains and the continuous rise in prices, and the resulting monetary and financial tightening.”
In the same context, the Minister indicated Egypt’s interest in encouraging multilateral development banks to contribute more than before to facilitating access to the necessary financing and reducing its cost. In order to maximize the returns resulting from development cooperation. Al-Mashat also indicated that Egypt seeks to support capital mobilization efforts and ensure financial efficiency through risk capital tools. In order to drive innovation and accelerate the pace of effective investment.
Dr. Rania Al-Mashat touched on the effects of global crises on development activities and climate action efforts, and attributed these effects to food insecurity, increasing poverty rates, and the spread of inequality behaviors.
She also explained that the results of the Corona pandemic are still present throughout the world, and that these results have a clear contribution to increasing the pace of decline in economic growth in many countries, and that global growth is still below pre-pandemic levels.
Hence, the “Minister of International Cooperation and Governor of Egypt in the World Bank Group” called for the fulfillment of climate and development pledges, considering these pledges a duty for developed countries, which is to provide $100 billion in grants to developing countries, while facilitating financing for the African continent through innovative mechanisms and tools.
At the conclusion of her speech, the Minister thanked the President of the World Bank Group for his efforts throughout his presidency, and also affirmed Egypt’s keenness to continue the efforts of the international community to confront global obstacles in the climate and development fields, in implementation of pledges to leave no one behind in development.
It is worth noting that the G24 issued a final statement in which it pointed to the seriousness of successive global crises and the necessity of overcoming these crises. The group also called for strengthening the role of multilateral development banks, and also welcomed the ongoing discussions on the road map for developing the role of the World Bank. In order to carry out its mission to eradicate poverty and support developing countries.
