Egypt's Al-Mashat Participates in World Discussions on MDB Reform to Finance SDGs
On Saturday, the Minister of International Cooperation and Governor of Egypt at the World Bank Group Dr. Rania A. Al-Mashat participated in the meeting chaired by Amina J. Mohammed, the Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group, with Ministers of Finance and International Cooperation, representatives of G-20 member countries, and heads of state, international financing institutions, business leaders and the private sector, to discuss financing the SDGs and the required multilateral development bank (MDB) reforms, on the sidelines of the World Bank and International Monetary Fund (IMF) 2023 Spring Meetings in Washington.
The meeting was held in light of the great importance of MDBs in financing the SDGs, in facing the complex challenges in the world and in enhancing the ability to develop countries to face shocks and the importance of significantly expanding investments and financing to meet the needs of developing countries and emerging economies to finance development. The meeting discussed the G20’s calls at the summit held in Bali, on the need to mobilize and provide additional financing to support the achievement of the SDGs.
In her remarks during the meeting, Al-Mashat stressed the importance of promoting structural reforms in multilateral development banks, especially the World Bank, noting that despite the exacerbation of development challenges and climate change crises facing countries since the COVID-19 pandemic, funds are not increasing in a way that enables countries to face these crises.
Al-Mashat stated that there is no economy or country in the world that can face the global economic crisis alone, pointing out that these challenges require a comprehensive reform in multilateral development banks to increase the level and quality of financing in a way that enables countries to reduce poverty rates and promote growth through a comprehensive and sustainable economy.