Egypt's Minister Al-Mashat addresses growth, climate finance at IMF/World Bank meetings
The Spring Meetings, held under the central theme 'Jobs for Prosperity', provided a platform for Minister Al-Mashat, who also serves as Governor for Egypt at the World Bank Group, to outline Egypt's strategies and collaborations.
Climate Finance and Jobs
During a panel discussion titled 'Investing in the Future: Mobilizing Finance for Jobs and Skills in the Climate Transition,' Al-Mashat discussed how climate action could foster technological progress, reduce risks, and improve economic efficiency.
She highlighted Egypt's National Climate Change Strategy (NCCS) 2050, describing it as a roadmap for tackling the country's main climate challenges. 'This strategy encompasses priority projects across key sectors like energy, food, and water—all crucial for building climate resilience,' Al-Mashat stated. 'Through the NCCS 2050, we aim not only to mitigate the impacts of climate change but also to achieve a just and equitable transition towards a green economy that leaves no one behind.'
The minister affirmed that Egypt's national investment plan supports the NCCS by directing public funds towards climate mitigation and adaptation projects in sectors including infrastructure, renewable energy, sustainable agriculture, and water resource management. She explained that environmental impact is a key criterion for project selection, alongside comprehensive feasibility studies assessing economic, social, and environmental factors to ensure alignment with Sustainable Development Goals (SDGs) and value addition to the economy while protecting the environment.
Al-Mashat also detailed the role of Egypt's national platform for the NWFE Programme (Nexus of Water, Food, and Energy), launched during the COP27 climate conference. The programme, operating under the NCCS 2050 framework, aims to provide an integrated approach to equitable climate finance, concentrating on water, food, and energy projects for mitigation and adaptation. 'The programme helps mobilize innovative and blended financing tools, debt swaps, development grants, and technical support, thereby driving Egypt's green transition efforts,' she noted. Al-Mashat added that the platform encourages private sector investment in related projects, contributing to job creation.
Future of Growth
In a separate session organised by the World Economic Forum (WEF) on its 'Future of Growth' initiative, Minister Al-Mashat joined fellow panellists Maurice Obstfeld (Senior Fellow, Peterson Institute for International Economics), Saadia Zahidi (Managing Director, WEF), and Eswar Prasad (Professor of Trade Policy, Cornell University).
Al-Mashat emphasised Egypt's close partnership with the World Bank Group, terming it a 'knowledge bank.' She mentioned ongoing collaboration between her ministry and the WBG, coordinated with various national bodies, to develop Egypt's national economic development narrative. This work involves analysing the Egyptian economy and formulating targeted policy recommendations for priority sectors like industry, exports, foreign direct investment (FDI), and macroeconomic policy.
She outlined the ministry's 'Sustainability and Finance for Economic Development' framework, which guides efforts towards economic development by focusing on human capital, industrial growth, infrastructure, FDI, and entrepreneurship, supported by macroeconomic stability and structural reforms.
The minister asserted the government's commitment to achieving quality growth through sustainable investments, green growth promotion, enhanced private sector participation, support for entrepreneurship, technology, and innovation, and the use of data for evidence-based policymaking.
Al-Mashat also referred to a Letter of Intent signed with the WEF to launch an 'Economic Growth and Development Catalyst' in Egypt. She confirmed this allows Egypt to join the WEF's 'Future of Growth' initiative, which seeks to reshape global growth approaches and help policymakers balance quantitative and qualitative growth aspects. 'This step supports Egypt's economic development goals and allows us to leverage insights from the WEF's Centre for the New Economy and Society,' she added.
Global Humanitarian Action
Additionally, Minister Al-Mashat participated in a session titled 'The Future of Global Humanitarian Action,' hosted by the think tank Overseas Development Institute (ODI).
The session, moderated by ODI Executive Director Elisabeth Campeau, included Freddie Carver (Director of Programmes, Humanitarian Policy Group, ODI), Jake Cusack (Co-founder & Managing Partner, CrossBoundary Energy), James Richardson (CEO, Board of Directors, Pompeo Foundation), Kate Phillips-Barrasso (Vice President, Global Policy & Advocacy, Mercy Corps), and Ketleen Florestal (Minister of Planning and External Cooperation, Haiti).
Discussions focused on the future requirements for humanitarian aid, including tools and methods to attract investment and market opportunities for populations affected by conflict and instability. The dialogue considered how to implement change following the United Nations' call for a 'comprehensive reset of humanitarian action,' acknowledging that progress on reform has been limited despite commitments made at the 2016 World Humanitarian Summit.
The statement noted this session was part of a discussion series organised by ODI Global in Washington, D.C., coinciding with the week of the World Bank and IMF Spring Meetings for 2025.
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