Nasr Urges IMF, WB to Increase Funding in Africa

Minister of Investment and International Cooperation Sahar Nasr on Friday called on the World Bank and the International Monetary Fund to increase their funding in Africa to reach regional integration and provide a boost to trade in the continent.

Nasr added that the current president of the African Union (AU), Abdel Fattah El Sisi, gives economic integration in Africa a top priority as it signifies a key pillar in supporting the objectives of national plans.

This came during her speech at the G24 ministerial meeting in Washington, in the presence of IMF Managing Director Kristalina Georgiev.

The minister pointed out that President El Sisi has contributed to the conclusion of the African Free Trade Area Agreement (AfCFTA) to help promote intra-African trade, by mobilizing private investment, thereby reducing unemployment and the boost competitive business climate.

She pointed out that the Government had implemented a comprehensive economic and social reform program to achieve sustainable development, reduce poverty and secure employment.

For her part, Georgiev said that the Fund will work in the coming period to find a lasting solution to trade and market turmoil, the ongoing structural reforms of all economies and promote female participation in the labor market.

Furthermore, she called for enhanced international cooperation to overcome all challenges facing the global economy, including combating money-laundering, digital financial technology, climate change, and governance reforms.