Minister of International Cooperation Rania el Mashat said the road map to upgrading the World Bank Group’s (WBG) role represents an ideal opportunity for developing countries and the least developed countries (LDCs) to effectively participate in outlining the bank’s policy and its financing framework, to make it more equitable, inclusive, resilient and better prepared to deal with external shocks.
Mashat’s remarks came during her participation in a high-level roundtable on the development of the World Bank’s role in Washington, in the presence of US Treasury Secretary Janet Yellen and World Bank Group President David Malpass, as well as the finance ministers of Brazil, France, Germany, India, Indonesia, Congo, Japan, South Africa, United Arab Emirates and Uruguay, according to a statement released by the International Cooperation Ministry on Friday.
The minister stated that multilateral development banks should have greater role in achieving integration and synergy, enhancing the ability to stimulate climate action, attaining comprehensive development, and addressing complex challenges facing the global economy in the current period, through drawing up ambitious strategies based on the priorities of each country.
She underlined the importance of improving the World Bank’s part in supporting countries to fulfill the sustainable development goals via its regional strategies and helping to accomplish the priority goals related to each country.
Mashat stated that achieving consensus among member countries and relevant parties is key to reaching an agreement on developing the World Bank’s role before the annual meetings in Marrakesh.
She asserted that introducing structural reforms to the World Bank’s role requires thorough and constructive consultations to reach consensus on how to efficiently and effectively direct financing for overcoming challenges facing member states.
The minister explained that the world is facing difficulties that are not only limited to climate change and health crises, but also food and energy security, scarcity of water resources, high debt rates and digital transformation.
She urged the WBG to assist countries with getting access to financing, reducing financing costs, and achieving higher efficiency, in addition to advancing innovation and sustainable investment.
Source: (State Information Service Egypt)