Madbouly highlights role of Arab financial institutions in supporting Egypt’s development projects

Daily News Egypt
5 Min Read

Prime Minister Mostafa Madbouly recently participated in the opening session of the joint annual meetings of Arab financial authorities and institutions for the year 2024, representing President Abdel Fattah Al-Sisi. The session, held in the New Administrative Capital, underscores Egypt’s commitment to supporting the efforts of various Arab financial institutions in advancing development initiatives.

During the session, Prime Minister Madbouly delivered a speech on behalf of the President. The event was attended by key figures, including Hassan Abdallah, Governor of the Central Bank of Egypt; Hala El-Said, Minister of Planning and Economic Development; Rania Al-Mashat, Minister of International Cooperation; Mohamed Maait, Minister of Finance; and ElSayed ElKosayer, Minister of Agriculture and Land Reclamation, as well as representatives from Arab, regional, and international financing and investment institutions, experts, and economists.

Madbouly began by extending a warm welcome to all attendees, emphasizing Egypt’s pride in hosting the joint annual meetings of Arab financial entities. He highlighted the significance of these gatherings as evidence of Egypt’s unwavering commitment to fostering cooperation among Arab nations.

Acknowledging the regional and international challenges, including the economic repercussions of the Gaza conflict, Madbouly praised the support provided by Arab financial entities to Egypt over the years. These resources have been instrumental in advancing major development projects within the country. However, he emphasized the need for even greater contributions and a more substantial role in addressing future challenges.

Arab economies require increased financial and technical support to enhance their ability to boost exports and promote intra-Arab trade. Madbouly expressed confidence in the resilience of Arab governments and their capacity to meet the aspirations of their citizens. He highlighted Egypt’s reform efforts, particularly within the framework of Egypt Vision 2030, which aims to strengthen the private sector’s role and optimize state investments.

Additionally, Madbouly underscored the successful collaboration between the Egyptian government and the Central Bank of Egypt (CBE) in managing the foreign exchange market. Controlling inflation rates and reducing the debt-to-GDP ratio remain critical priorities.

Lastly, Madbouly called upon developed countries and development partners to play an essential role in supporting developing nations during these challenging times. Their assistance is crucial for overcoming obstacles and achieving sustainable development.

The Prime Minister called on Arab financial institutions to intensify support and assistance to Arab countries to help reduce the burden of challenges on the shoulders of Arab citizens and give human capital special attention in their financing plans as the main component and essential element in the process of sustainable development. In addition, they should work to support women’s economic participation as a key pillar of comprehensive development.

The joint annual meetings of the Arab financial entities will include meetings of the Board of Governors of the Arab Fund for Economic and Social Development, the Board of Shareholders of the Arab Investment and Export Credit Guarantee Corporation, the Board of Governors of the Arab Monetary Fund, the Board of Governors of the Arab Bank for Economic Development in Africa, the Board of Governors of the Arab Authority for Agricultural Investment and Development, and the Council of Arab Finance Ministers. The meetings will also include the distribution ceremony of the Sheikh Abdul Latif Yousef Al-Hamad Development Award in the Arab World.

These meetings are a unified platform for Arab financial institutions to discuss the most prominent financial, economic, and development issues and topics at the regional and global levels, and through them, the measures and steps achieved to support development in the Arab world are evaluated, as well as future plans.

These meetings also represent an essential channel for conducting bilateral and multilateral discussions between the Arab ministers of finance and economy who represent their countries, the heads of the boards of directors of Arab financial bodies, the governors of Arab central banks, and the directors of Arab financial institutions, in addition to representatives from the International Monetary Fund (IMF), the World Bank Group, and the Arab Financial Institutions Group, the Islamic Development Bank, as well as some experts and specialists in the financial and economic fields.

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