Friday 22 Nov
On behalf of the president of the Arab Republic of Egypt President Abdel Fattah El-Sisi, Minister of International Cooperation, Dr. Rania El-Mashaat, attended the African Heads of State Summit that took place alongside the International Development Association (IDA) program in Kenya.
The summit focuses on Africa's ambitions for the future, achieved
through collaboration with the World Bank Group's IDA and securing its 21st
round of funding. IDA, the world's leading provider of low-interest loans and
grants, empowers countries to invest in their development and raise living
standards.
African leaders, civil society, and youth are at the summit,
voicing their goals and urging increased support from IDA. IDA empowers
countries to build safer societies and achieve prosperity worldwide. Africa,
receiving over 70% of IDA's funding, is central to their mission of ending
poverty on a sustainable planet.
Earlier, the Cabinet approved Egypt's subscription to the 19th
replenishment of the IDA resources, in accordance with Resolution No. (244) of
the IDA Board of Governors.
The Cabinet also approved Egypt's subscription to the 20th replenishment
of IDA capital shares, in accordance with Resolution No. (248) of the IDA Board
of Governors. This aligns with Egypt's eligibility to participate in capital
increases for IDA.
It is worth noting that the institution regularly and periodically
increases its financial resources. The constitutional procedures for these
approvals are scheduled to be completed.
The IDA is the arm of the World Bank that invests in the future of
people and the planet. It has ongoing projects in 75 countries. Established in
1960, IDA aims to reduce poverty by providing grants and zero-interest loans
for programs that promote economic growth, reduce inequality, and improve
people's living standards.
