World Economic Forum 2023: Al-Mashat Hold Bilateral Talks with Development Partners

On day 2 of the 2023 World Economic Forum Annual Meeting in Davos, the Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat continued her bilateral meetings with development partners, representatives of international organizations, philanthropic organizations, think tanks and research centers, to discuss joint development cooperation efforts, and establish partnerships aimed at stimulating private sector participation in development.

The President of the European Bank for Reconstruction and Development (EBRD)

H.E. Dr. Rania A. Al-Mashat met the President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, in light of the ongoing bilateral discussions and the strong ties between the Government of Egypt and the bank, to stimulate the participation of the private sector in development through development financing. During the meeting, the Minister noted Egypt's close cooperation with the EBRD in the past year, which resulted in several cooperation axes including the new country strategy, and the launch of the NWFE Program (nexus of water, food and energy projects) where the bank is the main partner, as well ass increased private sector engagement in the renewable energy sector.

Al-Mashat stressed the importance of moving forward in coordinating joint cooperation to mobilize the various financing mechanisms for the energy pillar of the NWFE program, which aims to replace conventional power plants with a capacity of 5 GW, with another power plant with a capacity of 10 GW, in light of the country’s vision to expand the use of renewable energy and the implementation of the National Strategy for Climate Change (NCCS) 2050, and the nationally determined contributions. H.E. noted that the energy pillar of the program plays a key role in promoting comprehensive economic growth and sends a message to the international community to investors interested in the energy sector in Egypt.

The meeting also discussed the current development cooperation portfolio between Egypt and the EBRD, as well as a follow-up on what has been achieved over the past period, discussing future steps in light of the cooperation strategy 2022-2027, as well as exploring ways to stimulate blended financing that enhances the participation of the private sector in development efforts.

Managing Director for Operations Affairs at the World Bank

Moreover, Al-Mashat held a meeting with Axel Van Trotsenburg, Managing Director for Operations Affairs at the World Bank Group (WBG), where they discussed the joint relations between the Arab Republic of Egypt and the bank, in terms of cooperation to stimulate efforts in achieving sustainable development and in support of economic and structural reforms.

During the meeting, the ongoing efforts to prepare the country's strategy for joint cooperation for the next five years with the WBG was discussed, including follow-up on the outcomes of COP27. This included the ongoing communication between the Ministry and the bank in terms of the NWFE Program to mobilize climate finance mechanisms, drive development efforts, and strengthen national actions to expand social protection and Universal Health Insurance Project.

The Secretary-General of the United Nations Conference on Trade and Development (UNCTAD)

The Minister of International Cooperation met with Rebecca Greenspan Mayovis, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD). In their conversation, they discussed ways to enhance joint cooperation. The Minister applauded the fruitful cooperation with UNCTAD given the work that took place over the past year in terms of the Sharm El-Sheikh Guidebook for Just Financing. The guidebook was released at COP27 as one of the initiatives of the Egyptian Presidency to reinforce the efforts of relevant parties to mobilize financing, and bridge global financing gaps in developing and emerging countries.

Mechanisms for joint cooperation were also discussed given the UNCTAD’s efforts in supporting developing countries to enhance their participation in the global economy, and the use of trade, investment, finance and technology as tools for inclusive and sustainable development.

President of the Center for International Development

Among the bilateral meetings, Al-Mashat also met with Masood Ahmed, President of the Center for Global Development, an international think tank and research center, which works to reduce poverty and support development efforts worldwide; improving living standards through economic research that enhances the effectiveness of economic policies. The center works in many areas, including health care policies, education, and sustainable development finance.

During the meeting, the Minister expressed her interest to work with the Center for Global Development in the field of development research, and reviewed the efforts of the ministry in preparing and issuing the Sharm El Sheikh Guidebook for Just Financing, which was done in cooperation with over 100 development partners, international institutions, think tanks, research centers and the private sector over the past year. The Guidebook aims to stimulate climate finance by defining the role of each of the relevant parties. H.E. also touched on national efforts to enhance food security and stimulate resilience and response to external shocks through development cooperation efforts, along with the launch of the Nexus for Water, Food and Energy NWFE Program, which includes 9 priority projects in the aforementioned sectors to stimulate the green transition, with investments of $14.7 billion.

The Minister stressed the importance of multilateral cooperation efforts in facing the development challenges, and the role of joint work between multilateral development banks, governments, the private sector, think tanks, as well as philanthropic organizations in creating a constructive model to advance development efforts and stimulate sustainable financing.

The Bezos Earth Fund

Additionally, Al-Mashat met with Andrew Steer, President and CEO of the Bezos Earth Fund, in light of ongoing discussions with philanthropic organizations aimed at stimulating their role in supporting development efforts and climate action. Philanthropic organizations have untapped resources that can play a pivotal role in stimulating the private sector in financing climate projects in developing and emerging economies through technical support expertise and financial resources.

Al-Mashat expressed her interest in the initiative launched by the World Economic Forum during the Davos Forum, with the aim of "stimulating partnership between philanthropic organizations and the government and private sectors to increase funding for climate action". This initiative would contribute to creating new partnerships between the relevant parties to advance global development and climate efforts. .

It is worth mentioning that over the past year, the Ministry of International Cooperation increased its discussions with philanthropic organizations in the various international events and forums that were held, as well as during COP27, especially with the Bezos Earth Fund and the Rockefeller Foundation, among others. .

The WEF 2023 Annual Meetings in Davos, Switzerland is being held under the theme "Cooperation in a Fragmented World", with the participation of several heads of state, heads of government, ministers, and major private sector companies. The Minister is scheduled to hold a number of bilateral meetings between the 16th and 20th with representatives of multilateral and bilateral development partners, private sector companies, and philanthropic organizations, and will also be participating in several events and sessions in light of the strengthening economic relations between Egypt and regional and international institutions.