21 July 2024 11:53 AM

Egypt’s Participation in the IDA for Africa Heads of State Summit

Tuesday، 30 April 2024 - 10:26 AM

On behalf of President Abdel Fattah El-Sisi, Dr. Rania Al-Mashat, Minister of International Cooperation, participates in the International Development Association (IDA) for Africa Heads of State Summit in Kenya, to discuss the ambitions of the African continent within the framework of cooperation with the World Bank’s IDA, the world's largest institution that provides low-interest financing and grants to help countries invest in the future and improve lives.

Representatives of African governments, civil society and youth participate in the summit to express their ambitions and call for more support and assistance from the IDA, which is the largest source in the world that provides grants and low-interest loans to help countries invest in their future, improve living conditions, and create more security, as well as about working to create more prosperous societies around the world. Africa is at the center of the IDA’s  global mission of ending poverty on a liveable planet, and receives more than 70% of its loans and grants.

Earlier, the Council of Ministers approved the Arab Republic of Egypt’s subscription to the nineteenth increase of the resources of the IDA, one of the institutions of the World Bank Group, in accordance with Resolution No. (244) of the Board of Governors of the International Development Authority (IDA). The Council of Ministers also approved the subscription The Arab Republic of Egypt in the twentieth increase of the capital shares of the International Development Authority (IDA), in accordance with Resolution No. (248) of the Board of Governors of the International Development Authority (IDA), considering that Egypt is one of the countries that has the right to contribute and subscribe to the increase in the capital, noting that by increasing its financial resources on a regular and periodic basis, the constitutional procedures regarding these approvals are scheduled to be completed.

The IDA is the arm of the World Bank dedicated to investing in the future of people and the planet, with ongoing projects in 75 countries. Established in 1960, the IDA aims to reduce poverty by providing grants and interest-free loans for programs that promote economic growth, alleviate disparities and inequalities, and improve people's living conditions.


Related Stories

Most Visited

From To