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The Egypt Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said her country is currently working to boost the financial space available to African countries from international institutions, with the aim to implement the 2063 Development Agenda.
Speaking during the 2024 African Caucus Meeting in Abuja, Nigeria, the minister stressed the importance of the ongoing discussions between the African Group and the World Bank to bolster joint cooperation with one of the largest multilateral development banks, to overcome the development challenges facing African countries, and push towards achieving the Development Agenda.
The meeting, hosted by the International Monetary Fund and World Bank Group governors, aimed to identify ways to accelerate intra-African trade as a catalyst for sustainable economic growth.
“We are working to expand the financial resources available to African countries from international institutions to support the implementation of the 2063 development agenda,” Al-Mashat told the attendees.
She added that Egypt was seeking to integrate more deeply with its African counterparts, as outlined in its Vision 2030 plan, and to promote intra-South cooperation to share development experiences and best practices.
During the meetings, World Bank officials presented the group’s strategy for regional integration in Africa and discussed the initiative that was launched between the World Bank Group and the African Development Bank in April.
The initiative aims to provide electricity to about 300 million people in Africa by 2030, through a partnership between multilateral development banks and private sector investments.
Participants also discussed the means to activate the African Continental Free Trade Agreement, by unifying payment systems at the continent level, enhancing digital transformation efforts, developing sustainable infrastructure, and adopting effective policies towards digital transformation.
Moreover, talks touched on the means to enable startups’ access to financing from the private sector and facilitate trade and regional integration in Africa.
