RIYADH: Critical economic and social challenges facing the Middle East took center stage during the preparatory meeting for the 33rd Arab Summit held in Bahrain’s capital, Manama.

The session, which took place on May 12, tackled issues that will be submitted to the upcoming summit, which is scheduled to take place for the first time in Bahrain on May 16.

Saudi Finance Minister Mohammed Al-Jadaan headed the Kingdom’s delegation to the ministerial meeting, which included representatives of member states of the League of Arab States and a number of specialists from its general secretariat.

Al-Jadaan affirmed Saudi Arabia’s pride in hosting the 32nd Regular Session of the Arab Summit, which concluded with the issuance of the Jeddah Declaration, which encompasses numerous initiatives aimed at enhancing collective efforts across economic, agricultural, cultural, and educational domains.

RIYADH: Egypt is emerging as a pivotal player for the International Finance Corp., with investments nearing $9 billion, announced a top minister. 

Inaugurating the “IFC Day in Egypt” event, Minister of International Cooperation Rania Al-Mashat underscored that this substantial influx of capital underscores the nation’s stature as one of the foremost countries of operations for the organization within the broader framework of collaboration with the World Bank, a release highlighted.

From July 2023 to May 2024, Egypt witnessed a notable infusion of $900 million in investments from the IFC, marking a testament to the sustained momentum of financial inflows into the country’s economic landscape.

Al-Mashat further declared that in adherence with the directives of President Abdel Fattah El-Sisi, Egypt remains steadfast in its commitment to bolstering the private sector as a driving force in advancing development endeavors. 

Despite the harsh impacts of global and regional economic crises on the nation, international banking institutions are spearheading initiatives to forge novel financing mechanisms and innovative tools, thereby expanding the monetary opportunities for Egypt’s emerging private sector and economy, the release noted.

Within this framework, the nation and the World Bank announced in a joint statement last March that $6 billion would be available from the entity over the next three years to support the government’s reforms, including $3 billion for various governmental sectors and $3 billion to support the private sector provided by the IFC at $1 billion annually.

Building on these efforts, the minister witnessed the signing of a new $100 million financing arrangement between the IFC and Banque Du Caire on May 12. The deal is designed to provide funding for privately-owned micro, small, and medium enterprises, including women-owned MSMEs, and finance trade.

Al-Mashat stressed that a strong private sector creates added value, provides jobs, encourages exports, and stimulates innovation and digitization. 

In order for this to occur, the minister noted that the World Bank Group aims to launch a unified guarantee platform in July, doubling the investments and guarantees made available by the IFC.

She added that the Ministry of International Cooperation is preparing workshops soon to inform private sector companies about this new platform and its services, thus expanding the range of financing tools available in the local market.

Therefore, the IFC’s presence in Egypt is based on three main pillars: promoting employment, particularly in labor-intensive sectors, export industries and sustainable manufacturing, agro-industries and tourism. 

Inclusion, with a focus on health care, education, and integration, entails supporting Egypt’s cooperation with countries in the region by improving its infrastructure.