Al-Mashat stated that a lot needs to be done to overcome this disparity, and more opportunities will appear in the future, as there must be more partnerships between multilateral development banks. She added that the spring meetings witnessed coordination through the World Bank in terms of investment guarantees. However, streamlined processes and lower costs of development financing still need to be seen on the ground and implemented
This funding will be accompanied by budgetary funding from the World Bank and forms a component of a previously disclosed $6 billion three-year bundle, Al Mashat added.
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
Al-Mashat stressed that at a time when the world is witnessing successive and intertwined crises, it has become necessary to achieve structural change and reform in economic policies, especially for developing countries and emerging economies
During the meeting, the African governors discussed many important topics that focus on the importance of the World Bank Group’s participation in advancing the development process on the African continent
