Following its significant role in coordinating the positions of developing states in the World Bank (WB) and the International Monetary Fund (IMF), Egypt was chosen as the first vice-chairperson of the WB and IMF Board of Governors for African countries for 2017, which paves the way to Egypt’s leadership of the board in 2018, stated Dr. Sahar Nasr; Minister of Investment and International Cooperation and Egypt’s Governor at the WB.
The Minister indicated that Egypt’s assumption of such post relating to Bretton Woods enhanced Egypt’s position at African and global levels, especially in light of the rapid international economic developments and changes. This position placed Egypt at the core of the ongoing international commercial discussions over the means of enhancing the role of international financing institutions. That is topped by WB, with regard to facing such challenges, including combating poverty, achieving comprehensive growth, improving standards of living for the lower-income groups, and enhancing the private sector’s role to fulfil the increasing financing needs. Besides, addressing the international economic and social difficulties resulting from the increasing number of refugees, illegal migration and climate change.
The Minister referred to the African countries’ aspirations to learn, during the board’s meetings, about the ambitious and unprecedented procedures taken by the Egyptian government at the levels of economic reform and social development, as well as, its great efforts at national level to achieve the international Sustainable Development Goals (SDGs).
It is worth noting that, the African Governors Caucus was established in 1963, and is considered the main platform allows African countries to coordinate their positions towards various issues included in the biannual meetings of the WB and IMF and to enhance the main interests of Africa, especially with regards to economic issues of priority such as, combating poverty supporting developmental financing policies and the efforts of attracting foreign investments and focusing on the social dimension in the economic development.
