19 September 2018 05:36 AM

Annual meetings of African Caucus of WB, IMF

Sunday، 05 August 2018 01:07 PM

Annual meetings of the African Caucus for the World Bank (WB) and the International Monetary Fund (IMF) kicked off on Sunday 5/8/2018.

The meetings is held in the Egyptian Red Sea resort city of Sharm el Sheikh, under the patronage of Prime Minister Moustafa Madbouli, with 40 countries participating.

The meetings are organized by the investment and international cooperation and finance ministries, in cooperation with the Central Bank of Egypt (CBE).

Ministers of Investment and International Cooperation and Finance Sahar Nasr and Mohamed Maeit respectively chaired the annual meetings of the African Group, in the presence of representatives of the major international institutions.

The meetings bring together a number of international cooperation and finance ministers, as well as governors of central banks, along with high level officials from the WB and the IMF, the statement said.

Investment and International Cooperation Minister Sahar Nasr said President Abdel Fattah El Sisi has laid down an ambitious vision for a comprehensive socio-economic reform program to build a powerful state and place the Egyptian economy on the right track.

She said international institutions, including the WB and the IMF, have lauded the constitutional, institutional and structural mechanisms for improving the investment atmosphere and business environment in Egypt.

The government seeks to realize national goals and at the same time is giving top priority for the development in Africa, she said, stressing commitment to the African Union's agenda for achieving the 2063 global development goals.

She said Egypt is furthering cooperation with fellow African countries under certain programs for economic integration.

She added that the meetings offer an opportunity for forging a unified vision for promoting cooperation among African states, the World Bank and the IMF.

Egypt - as the head of the African group at the WB and the IMF - urges international financing institutions to play a larger role in supporting economic development in Africa, she said.

She added that the meetings should support national programs and projects as well as economic and trade cooperation.

She called for focusing on power linkage projects as well as new and renewable energy resources in order to magnify the harnessing of natural resources for sustainable development.

She also invited the attendees to partake in the Africa 2018 conference due to be held under the patronage of the president in Sharm el Sheikh to promote investment as well as women's role at the economic level.

For his part, the finance minister said that hosting the international conference reflected the deeply-rooted ties between Egypt and African countries.

The Egyptian-African relations have witnessed unprecedented development over the past few years, mainly after Egypt’s membership in the African Continental Free Trade Area (AfCFTA), she added.

He asserted Egypt’s keenness on engaging in the development efforts of the African continent and boosting economic ties with African countries.

MENA

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