The platform is called the "Global Collaborative Co-Financing Platform" and aims to direct additional capital, expand the scope and impact of development, mobilize funds for mega projects, and reduce the burdens on beneficiary countries
A group of 10 multilateral development banks launched a new joint financing platform to direct additional capital to expand the scope and impact of development and advance efforts across the financing landscape to mobilize more funds for development projects around the world, as part of the activities of the spring meetings of the International Monetary Fund and the World Bank. Minister of International Cooperation and Governor of Egypt at the World Bank Group, Rania Al-Mashat participated in the high-level launch event.
The platform called Global Collaborative Co-Financing Platform aims to direct additional capital, expand the scope and impact of development, mobilize funds for mega projects, and reduce the burdens on beneficiary countries. It will consist of a digital co-financing portal and a co-financing forum which will provide a space for participants to discuss co-financing opportunities.
In her speech, Al-Mashat stressed the importance of joint financing between development partners to help implement huge projects that require large amounts of financing, as well as mobilizing funds for developing and emerging countries, pointing out that this requires the availability of clear visions and strategies by countries and bankable projects.
The 10 banks are: The African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, the New Development Bank, and the World Bank Group participated in its launch.
The Minister indicated that Egypt has worked, through the framework of international cooperation and development financing, to involve development partners in many projects despite the different governance frameworks and standards for each development partner, and among those projects is comprehensive health insurance, in addition to launching national strategies with various projects and partners following the country's priorities, strategies, and development plans.
