Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt & World Bank Discuss Sustainable Development and Climate Financing at COP28

Tue 05 Dec 2023 | 07:35 PM

During the activities of COP28 in the United Arab Emirates, the Minister of International Cooperation and Governor of Egypt at the World Bank Group (WBG), H.E. Dr. Rania A. Al-Mashat, met with the Senior Managing Director for Development Policy and Partnerships Affairs at the World Bank, Axel van Trotsenburg, in order to follow up on cooperation efforts with the bank. The WBG is one of the strategic development partners of the Arab Republic of Egypt, and contributes to financing many projects in various development fields.

The meeting witnessed a discussion of strengthening cooperation between the government and the World Bank, within the framework of the WBG’s efforts to develop its role as a knowledge bank in the field of development and expand the scope of partnerships to confront global challenges, most notably climate change, as this transformation comes within the axes of the road map for developing the role of the World Bank. The WBG is one of the most prominent multilateral development banks, which aims to increase its impact in enhancing sustainability and resilience, combating poverty, and promoting shared prosperity.

The discussions covered the issue of strengthening the role of the World Bank in the field of financing development and climate action in member states, reviewing the requirements for the Bank’s work approach and ways to enhance its role in confronting development challenges, eliminating poverty, promoting shared prosperity in developing and emerging economies, and expanding climate financing.

During the meeting, Al-Mashat stressed the close and long-term relationship with the WBG, during which many projects were implemented that have become a milestone and success stories in the field of various development, to enhance the standard of living of citizens, develop infrastructure, and improve levels of social protection, as well as supporting climate action and development efforts.

Al-Mashat indicated that the government is keen to advance cooperation efforts with the WBG based on the Country Partnership Framework with the Bank 2023-2027, which was launched this year, and to build on decades of joint work, to enhance development priorities and efforts in Egypt, and implement the axes of the strategy; enhance jobs in the private sector, increase investment in human capital, and improve the ability to withstand shocks.

H.E. explained that multilateral development banks play a vital role in enhancing development work with developing countries and emerging economies, and that in light of the complex challenges facing the global economy at this time, banks are required to provide more innovative solutions and work mechanisms aimed at confronting these crises, enabling countries to continue the development process.

Commenting on the meeting, the World Bank’s Senior Managing Director for Development Policy and Partnership Affairs, Axel van Trotsenburg, said, “I was pleased to meet the Minister of International Cooperation, to discuss our partnership with the Arab Republic of Egypt, and the Bank’s new knowledge agenda. Knowledge is the core of our work, and knowledge in the field of development can strengthen international alliances and networks that support countries with data and knowledge to overcome challenges and build a more prosperous future on a livable planet."