Summary:
- Egypt Pushes for Stronger African Collaboration and Trade Integration
- Focus on Digital Transformation, Sustainable Infrastructure, and Regional Integration
- World Bank and African Development Bank Launch Initiative for Renewable Energy Access
Egypt has urged greater collaboration among African nations to boost economic growth, emphasizing the need to enhance trade and investment across the continent.
Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, and the country’s governor at the World Bank Group, highlighted these points during the 2024 African Caucus Meeting in Abuja, Nigeria, this week.
The meeting, organized by the International Monetary Fund and World Bank Group governors, focused on strategies to accelerate intra-African trade as a driver of sustainable economic growth.
Al-Mashat underscored the importance of strengthening partnerships with multilateral development banks, such as the World Bank, to tackle Africa’s development challenges and support the continent’s 2063 agenda.
“We are working to expand the financial resources available to African countries from international institutions to support the implementation of the 2063 development agenda,” she stated.
Egypt aims to deepen its integration with African nations as part of its Vision 2030 plan, according to Minister Rania Al-Mashat. The country is also focused on promoting South-South cooperation to share development experiences and best practices.
Al-Mashat noted that the recent meeting in Nigeria provided an opportunity to strengthen collaboration with the World Bank and other stakeholders to advance the African Continental Free Trade Area (AfCFTA) agreement.
Key topics at the meeting included:
- Standardizing payment systems across Africa.
- Accelerating digital transformation.
- Developing sustainable infrastructure.
- Implementing policies to promote digitization.
- Increasing access to finance for startups and digital technology.
- Enhancing regional integration.
During the meeting, the World Bank and the African Development Bank announced a joint initiative to provide electricity to 300 million Africans by 2030 through renewable energy systems and distribution networks.
The discussion also covered the 21st replenishment of the International Development Association (IDA), the World Bank’s fund for the poorest countries.
Al-Mashat emphasized the crucial role of World Bank Group institutions, such as the International Finance Corporation and the Multilateral Investment Guarantee Agency, in supporting private sector development in Africa.
She also noted that the World Bank has published several reports addressing Africa’s development challenges, including studies on digitalization, land policies, and structural reforms to strengthen the private sector.
Source: Daily News Egypt
