Egypt's Minister of International Cooperation, Dr. Rania Al-Mashat, announced the success of Egypt in obtaining the right to host the joint annual meetings of Arab financial institutions in 2024.

This comes in light of the Egyptian government's keenness to support and assist the various joint Arab institutions and bodies in achieving their developmental mission and performing their roles with utmost efficiency and absolute effectiveness.

Dr. Al-Mashat participated in the annual meetings of Arab financial institutions held in Rabat, Morocco, as part of a high-level Egyptian delegation.

She emphasized the government's keenness to provide a suitable environment for the convening of these meetings, based on the accumulated experience in organizing international conferences, the latest of which was Egypt's hosting and presidency of the Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change in Sharm El-Sheikh.

She indicated that these meetings represent a catalyst for the progress of Arab financial institutions in supporting and enhancing sustainable development efforts in Arab countries.

Dr. Al-Mashat further expressed her gratitude to the Egyptian government, financial institutions, and Arab funds for their continuous cooperation with Egypt, especially regarding financing infrastructure projects and structural reform.

She also pointed out the importance of the role played by those institutions in financing and supporting economic and social development programs, which primarily contributes to achieving the sustainable development goals in the Arab world.

The joint annual meetings of Arab financial institutions are an essential platform for consultation, exchanging opinions and experiences, assessing achievements, and enhancing their role in establishing the foundations of economic integration and joint Arab action.

Dr. Al-Mashat explained that the global economy is currently facing multiple challenges, whether those resulting from the continued repercussions of the COVID-19 pandemic on various markets and countries or the emerging challenges resulting from geopolitical tensions and trade wars.

Egypt has been implementing a bold and ambitious economic reform program since 2016, focusing on macroeconomic stability, fiscal discipline, and private sector-led growth.

The program has achieved remarkable success in reducing inflation, cutting the budget deficit, enhancing the business environment, attracting foreign investments, and restoring confidence in the Egyptian economy.

Furthermore, the recent discovery of large offshore gas fields is expected to contribute significantly to Egypt's energy security, economic growth, and regional leadership in the gas industry.