26 September 2020 07:27 PM

Investment Minister urges WB, IMF to increase support for Africa

Saturday، 19 October 2019 - 02:03 PM

Minister of Investment and International Cooperation Sahar Nasr on Friday 18/10/2019 called on the World Bank (WB) and International Monetary Fund (IMF) to increase their support for achieving regional integration and boosting inter-trade in African states.

Nasr added that President Abdel Fattah El Sisi, the current chairman of the African Union, gives a top priority for bringing about economic integration in Africa, which represents a key pillar of completing and supporting the objectives of national plans.

She made the remarks while delivering Egypt's speech at the G24 ministerial meeting in Washington, in the presence of IMF Managing Director Kristalina Georgiev.

The Minister went on to say that President Sisi greatly contributed to inking the African Continental Free Trade Area (AfCFTA) agreement, with a view to strengthening trade among Africa states, as well as mobilizing private investments, cutting unemployment rates and creating a more competitive business environment.

Separately, the investment minister said the Egyptian government implemented a comprehensive economic and social reform program to attain sustainable development, reduce poverty and secure new job opportunities.

For her part, the IMF managing director said the fund will work over the coming period on finding a lasting solution to trade and market turmoil, continuing structural reforms for all economies and promoting female participation in the labor market.

Also, Georgiev called for fostering international cooperation to overcome all challenges facing the world economy, including combating money laundering, digital financial technology, climate change and governance reforms.


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