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Egypt participates in launching financing platform between 10 international banks

Minister of International Cooperation and Governor of Egypt at the World Bank Group, Rania al-Mashat, participated in the launch of a joint financing platform between 10 multilateral development banks, as part of the spring meeting of the International Monetary Fund and the World Bank.

The platform seeks to direct additional capital to expand the scope of development, advance efforts across the global financing scene and mobilize large funds for developmental projects globally.

It includes a digital co-financing portal to create a secure platform for registered financing entities to identify projects ready for financing, which will increase efficiency and transparency, and will make it easier for multilateral development banks to exchange information and identify co-financing opportunities.

The joint financing forum will provide a space for participants to discuss joint financing opportunities, the best practices, and common issues.

The forum will support ongoing efforts to coordinate policies and reduce burdens on partner countries.

Mashat stressed the importance of joint financing between development partners, which helps implement huge projects that require large amounts of financing, as well as mobilizing funds for developing and emerging countries.

At the same time, she noted that this requires the availability of clear visions and strategies from countries and fundable projects.

Through international cooperation and development financing Egypt has worked to involve development partners in many projects, the minister added, despite the different governance standards for each development partner.

Mashat added that among those projects is comprehensive health insurance, in addition to launching national strategies with various partners in accordance with the state’s priorities, strategies and its development plans.

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