CBE's Governor participates in the annual joint meetings of Arab financial institutions

Dr. Rania Al-Mashat, Minister of International Cooperation, announced the Egypt's success in obtaining the right to host the joint annual meetings of the Arab financial institutions 2024, in light of the Egyptian government’s keenness to support the efforts of various joint Arab institutions, to achieve its development mission and perform roles with full efficiency and absolute effectiveness.

Al-Mashat said :" We thank the Arab financial institutions for their continuous cooperation with Egypt to finance infrastructure projects and support economic and social development programs."

The annual meetings represent an important opportunity  for consultation and strengthening the role of institutions in supporting economic integration and joint Arab cooperation.

The global economy is going through successive challenges, and the current developments in the Arab region require enhancing cooperation and support from  Arab financial institutions

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat announced that the Arab Republic of  Egypt will be hosting the Annual High-Level meetings With Arab Financial Authorities and Institutions next year. This is in light of the Egyptian government’s keenness to support the efforts of various joint Arab institutions, in order to achieve its development mission effectively and efficiently.

The Minister of International Cooperation is participating in the Annual High-Level meetings With Arab Financial Authorities and Institutions in Rabat,  Morocco. The Egyptian delegation also includes Mr. Hassan Abdullah, Governor of the Central Bank of Egypt , Dr. Mohamed Maait, Minister of Finance, and Mr. Al-Sayed Al-Qaseer, Minister of Agriculture and Land Reclamation.

In addition to the high-level participation of ministers of finance, economy and international cooperation from various governments of Arab countries, and heads of Arab financial institutions, such as the  Arab Fund for Economic and Social Development (AFESD), Arab Investment & Export Credit Guarantee Corporation, and the Arab Bank for Economic Development in Africa (BADEA),  the Arab Monetary Fund (AMF), and the Arab Authority for Agricultural Investment and Development (AAAID).

Moreover, The Minister of International Cooperation confirmed that the Government of Egypt is committed to providing a suitable environment for holding these meetings, based on the accumulated experience in organizing international meetings, the latest of which is Egypt's COP27 Presidency in Sharm El-Sheikh, pointing out that these meetings are a motive for moving forward, especially in supporting Arab financial institutions in their mission to promote sustainable development efforts in the Arab countries.

Al-Mashat thanked the Government of Egypt, financial institutions and Arab funds for their continuous cooperation with Egypt, especially with regard to financing infrastructure projects and structural reform, noting the importance of the role played by these institutions in financing and supporting economic and social development programs, which accelerates progress towards the SDGs in the region.

She also indicated that the annual meetings of joint Arab financial institutions represent an important opportunity  for consultation and strengthening the role of institutions in supporting and strengthening economic integration and joint Arab cooperation.

She explained that the global economy is now going through successive challenges, whether resulting from the repercussions of the COVID-19 pandemic on markets and countries, emerging challenges resulting from geopolitical conflicts in the European continent, or challenges from high interest rates globally. This requires increased efforts of Arab financial institutions, and to coordinate visions to follow financial and economic policies that limit the effects of these crises, and support Arab markets in the face of high inflation rates.

In this regard, Al-Mashat noted her confidence in the ability of these institutions to continue their supportive role for member countries, especially in times of crisis, motivated by their strong executive teams that include among their members a group of the best financial and economic cadres in the Arab region.

This enhances their ability to draft rapid action plans for institutions that are commensurate with the nature of the current changes, and guarantee a greater level of flexibility in addressing  the economies of member countries and their needs.

The Minister added that the current developments in the Arab region, specifically in Sudan, impose other challenges, especially on neighboring countries, which will be willing to receive the Sudanese affected by the ongoing conflict. This may require expanding the circle of support for countries from international and regional financial bodies with the aim of helping to alleviate pressure in public spending.

H.E. also emphasized the role that Arab financial institutions can play in supporting intra-regional trade and investments, driving growth engines, and financial and technical support for pioneering and developmental projects in the countries of the region, especially SMEs.

In a related context, the Minister of International Cooperation applauded the fact that the BADEA obtained from Moody's a credit rating of (Aa2) with a positive outlook for the year 2022.

It is worth noting that Egypt participates in the capital of Arab financial institutions and entities, as it is one of the countries that contributes the most to the AFESD with a capital of 183.2 million Kuwaiti dinars, also contributing to finance SMEs in Arab countries with a value of $20 million, and with the Arab Investment & Export Credit Guarantee Corporation with a value of 1.9 million Kuwaiti dinars.