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.

He added that the previous summit issued numerous important decisions in support of joint action, the most important of which is accomplishing the requirements of the Greater Arab Free Trade Area, according to the Saudi Press Agency.

Speaking during the senior officials meeting, held a day before the prep gathering, the Assistant Deputy Minister for International Cooperation at the Saudi Ministry of Finance, Naif Al-Enzi, said that the countries attending the summit continuously strive, at both international and regional forums, to raise issues that serve the interests of joint action.

Al-Enzi expressed his optimism for the session’s success under Bahrain’s presidency, aiming for consensus on outcomes that propel Arab economic and social integration while enhancing ongoing collective efforts and cooperation.

Announced on May 19, 2023, at the conclusion of the 32nd Arab Summit, the Jeddah Declaration emphasized the importance of strengthening joint action based on common foundations, values, interests and one destiny.

The 2023 summit was only the second, following a gathering in Algeria in November 2022, after a three-year hiatus due to the COVID-19 pandemic.

It covered several topics, including tensions between Israel and Palestine, the conflict in Sudan, the peace process in Yemen, instability in Libya, and Lebanon’s political situation.

Significantly, it was the first time Syria had been invited to participate in an Arab League Summit since its suspension from the organization in 2011.

The gathering’s final communique reaffirmed “the centrality of the Palestinian cause” to Arab countries and that it is one of the main factors for stability in the region. It condemned all practices and violations inflicted upon the Palestinians, their lives, properties and existence.

The communique also stressed the importance of intensifying efforts to achieve a comprehensive and just settlement of the Palestinian issue based on a two-state solution, as per UN Security Council Resolution 242 and the 2002 Arab Peace Initiative, to ensure the establishment of an independent Palestinian state based on the 1967 borders, with East Jerusalem as its capital.

Furthermore, it reiterated previous summit positions, including the need for the protection of Muslim sites in Jerusalem.

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.