Egypt's Minister Al-Mashat addresses growth, climate finance at IMF/World Bank meetings
Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, continued her participation in the International Monetary Fund (IMF) and World Bank Group (WBG) Spring Meetings in Washington, D.C., engaging in multiple events focused on global growth, the green transition, and the future of jobs, according to a statement from the ministry.
The Spring Meetings, held under the central theme 'Jobs for Prosperity', provided a platform for Minister Al-Mashat, who also serves as Governor for Egypt at the World Bank Group, to outline Egypt's strategies and collaborations.
Climate Finance and Jobs
During a panel discussion titled 'Investing in the Future: Mobilizing Finance for Jobs and Skills in the Climate Transition,' Al-Mashat discussed how climate action could foster technological progress, reduce risks, and improve economic efficiency.
She highlighted Egypt's National Climate Change Strategy (NCCS) 2050, describing it as a roadmap for tackling the country's main climate challenges. 'This strategy encompasses priority projects across key sectors like energy, food, and water—all crucial for building climate resilience,' Al-Mashat stated. 'Through the NCCS 2050, we aim not only to mitigate the impacts of climate change but also to achieve a just and equitable transition towards a green economy that leaves no one behind.'
The minister affirmed that Egypt's national investment plan supports the NCCS by directing public funds towards climate mitigation and adaptation projects in sectors including infrastructure, renewable energy, sustainable agriculture, and water resource management. She explained that environmental impact is a key criterion for project selection, alongside comprehensive feasibility studies assessing economic, social, and environmental factors to ensure alignment with Sustainable Development Goals (SDGs) and value addition to the economy while protecting the environment.
Al-Mashat also detailed the role of Egypt's national platform for the NWFE Programme (Nexus of Water, Food, and Energy), launched during the COP27 climate conference. The programme, operating under the NCCS 2050 framework, aims to provide an integrated approach to equitable climate finance, concentrating on water, food, and energy projects for mitigation and adaptation. 'The programme helps mobilize innovative and blended financing tools, debt swaps, development grants, and technical support, thereby driving Egypt's green transition efforts,' she noted. Al-Mashat added that the platform encourages private sector investment in related projects, contributing to job creation.
Future of Growth
In a separate session organised by the World Economic Forum (WEF) on its 'Future of Growth' initiative, Minister Al-Mashat joined fellow panellists Maurice Obstfeld (Senior Fellow, Peterson Institute for International Economics), Saadia Zahidi (Managing Director, WEF), and Eswar Prasad (Professor of Trade Policy, Cornell University).
Al-Mashat emphasised Egypt's close partnership with the World Bank Group, terming it a 'knowledge bank.' She mentioned ongoing collaboration between her ministry and the WBG, coordinated with various national bodies, to develop Egypt's national economic development narrative. This work involves analysing the Egyptian economy and formulating targeted policy recommendations for priority sectors like industry, exports, foreign direct investment (FDI), and macroeconomic policy.
She outlined the ministry's 'Sustainability and Finance for Economic Development' framework, which guides efforts towards economic development by focusing on human capital, industrial growth, infrastructure, FDI, and entrepreneurship, supported by macroeconomic stability and structural reforms.
The minister asserted the government's commitment to achieving quality growth through sustainable investments, green growth promotion, enhanced private sector participation, support for entrepreneurship, technology, and innovation, and the use of data for evidence-based policymaking.
Al-Mashat also referred to a Letter of Intent signed with the WEF to launch an 'Economic Growth and Development Catalyst' in Egypt. She confirmed this allows Egypt to join the WEF's 'Future of Growth' initiative, which seeks to reshape global growth approaches and help policymakers balance quantitative and qualitative growth aspects. 'This step supports Egypt's economic development goals and allows us to leverage insights from the WEF's Centre for the New Economy and Society,' she added.
Global Humanitarian Action
Additionally, Minister Al-Mashat participated in a session titled 'The Future of Global Humanitarian Action,' hosted by the think tank Overseas Development Institute (ODI).
The session, moderated by ODI Executive Director Elisabeth Campeau, included Freddie Carver (Director of Programmes, Humanitarian Policy Group, ODI), Jake Cusack (Co-founder & Managing Partner, CrossBoundary Energy), James Richardson (CEO, Board of Directors, Pompeo Foundation), Kate Phillips-Barrasso (Vice President, Global Policy & Advocacy, Mercy Corps), and Ketleen Florestal (Minister of Planning and External Cooperation, Haiti).
Discussions focused on the future requirements for humanitarian aid, including tools and methods to attract investment and market opportunities for populations affected by conflict and instability. The dialogue considered how to implement change following the United Nations' call for a 'comprehensive reset of humanitarian action,' acknowledging that progress on reform has been limited despite commitments made at the 2016 World Humanitarian Summit.
The statement noted this session was part of a discussion series organised by ODI Global in Washington, D.C., coinciding with the week of the World Bank and IMF Spring Meetings for 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
2 hours ago
- Daily News Egypt
Egypt's Al-Sisi, Greek PM urge political solution to halt Iran-Israel crisis
Egyptian President Abdel Fattah Al-Sisi and Greek Prime Minister Kyriakos Mitsotakis discussed the need to halt the current regional escalation during a phone call on Monday, stressing that a political solution is the only way to end the crisis between Iran and Israel. According to a statement from the Egyptian presidency, the Greek prime minister was keen to hear President Al-Sisi's perspective on regional developments. Both leaders expressed grave concern that continued military operations could push the region into a new wave of instability, threatening regional and international peace and security. They also emphasised that the escalation between Iran and Israel should not overshadow the 'ongoing tragedy in the Gaza Strip.' The two leaders stressed the importance of stopping the 'ongoing aggression' there and ending the suffering of civilians, particularly with the existing restrictions on humanitarian aid access. The official spokesperson, Mohamed El-Shennawy, said the call also covered other regional issues, including maritime border demarcation in the Eastern Mediterranean and illegal migration. On Libya, both sides affirmed the importance of forming a new, unified government tasked with holding simultaneous presidential and parliamentary elections. They also reiterated their support for efforts by Libya's House of Representatives and High Council of State to approve a viable and consensus-based roadmap. The leaders also confirmed their commitment to building on the current momentum in bilateral relations and exploring wider cooperation, especially in the economic and energy sectors. In this context, President Al-Sisi affirmed Egypt's commitment to protecting all religious holy sites on its land, specifically mentioning its appreciation for the religious and spiritual status of St. Catherine's Monastery. He noted that a recent Egyptian court ruling reflected this position, stressed that the monastery would not be harmed, and highlighted the importance of correcting false information on the matter being promoted in Europe.
Daily News Egypt
2 hours ago
- Daily News Egypt
Egypt condemns deadly Damascus church terrorist bombing that Killed 22
Egypt on Monday condemned a terrorist bombing that targeted St. Elias Church in Damascus, an attack which Syrian authorities said killed 22 people and injured 59 others. In a statement, the Egyptian foreign ministry extended its sincere condolences to the Syrian people and the victims' families, and wished the injured a speedy recovery. The government reaffirmed its unwavering position against all forms of violence, extremism, and terrorism. The statement also reiterated the importance of uniting regional and international efforts to eliminate terrorism, eradicate its sources, and confront criminal acts that seek to undermine security and stability. Syrian officials have announced that their preliminary investigation indicates the involvement of the ISIS organisation. According to Syrian Ministry of Interior Spokesperson Nour al-Din al-Baba, the perpetrator was a suicide bomber. Speaking at a press conference, he stated that the attacker entered the church, opened fire, and then detonated his explosives. Al-Baba added that 'the attack did not target a specific sect, but all Syrians,' noting that the operation was intended to incite sectarian strife and destabilise the country. He emphasised that the security of places of worship is a 'red line' and that all those involved in this act will be held accountable. The Syrian Ministry of Health confirmed the casualty figures from the attack, which occurred in the capital's Duwaila'a district. In a statement broadcast by Syria TV, the ministry noted that the injured had been transported to hospitals to receive necessary medical care and that their conditions were being continuously and directly monitored. Following the explosion, Internal Security Forces established a tight security cordon around the church. The measures included closing all roads leading to the site, as well as shuttering other churches in the nearby neighbourhoods of Bab Touma, Bab Sharqi, al-Qassaa, and Duwaila'a as a precaution against potential future attacks.
See - Sada Elbalad
4 hours ago
- See - Sada Elbalad
6 Ugandan Soldiers Killed in Clashes in Somalia
Israa Farhan At least seven Ugandan soldiers were killed during intense combat with the extremist group al-Shabaab in southern Somalia, according to a statement released by Uganda's Ministry of Defense on Sunday. The soldiers were operating under the African Union Transition Mission in Somalia (ATMIS), which is tasked with stabilising the region and countering the persistent threat posed by al-Shabaab militants. The fatalities occurred during a three-day siege on a town in Somalia's Lower Shabelle region. Despite the losses, the Ugandan army confirmed that control of the town was eventually regained from the militants. Army spokesperson Felix Kulayigye stated that the fallen troops were part of a larger mission to repel extremist advances and restore security. The incident underscores growing concerns about the resurgence of militant activity in the Horn of Africa, as ATMIS continues to face critical challenges including manpower shortages and financial constraints. The mission, which currently comprises approximately 11,146 troops, had previously reported in April its need for an additional 8,000 personnel to sustain operations effectively. Somalia has been grappling with an insurgency by al-Shabaab for nearly two decades. Although the al-Qaeda-linked group was pushed onto the defensive during 2022 and 2023 by coordinated offensives from Somali forces backed by African Union peacekeepers, recent attacks in major cities have raised alarms about the group's renewed momentum. In March, al-Shabaab attempted to target the motorcade of Somali President Hassan Sheikh Mohamud in Mogadishu, further heightening fears of destabilization. In a separate development, Somalia's national security forces announced the successful elimination of 12 al-Shabaab operatives in a targeted raid near Adam Yabal in the Middle Shabelle region. The Somali National News Agency reported that the raid destroyed a key facility used by the militants to stockpile weapons and equipment. The security operation is part of a broader counterinsurgency campaign aimed at disrupting militant networks and preventing future attacks. Additionally, Somali authorities confirmed the recapture of two key towns—Sibid and Aanole—in the Lower Shabelle region on Saturday. These gains were achieved through a planned military campaign, with Somali forces conducting extensive clearance operations to root out remaining al-Shabaab elements. For over a decade, Somalia's security forces have been locked in a protracted battle against al-Shabaab, a group responsible for numerous deadly attacks against civilians and security forces alike. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
