Egypt's minister endorses African Caucus plan to boost trade, reform finance

PHOTO

Egypt’s Planning, Economic Development, and International Cooperation Minister Rania Al-Mashat has endorsed the final statement of the African Caucus meeting held in Abuja, Nigeria, calling for increased intra-African trade and a reform of the global financial structure.

The meeting, held under the patronage of Nigerian President Bola Ahmed Tinubu, focused on “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa.” It was chaired by Nigerian Finance Minister Wale Edun and attended by representatives from the World Bank and International Monetary Fund.

Egypt participated through its Central Department for Multilateral Development Cooperation and Financing.

The final statement outlined four key areas to enhance intra-African trade: strengthening payment systems, improving energy access, maximising partnerships with multilateral development banks (MDBs), and reforming the global financial structure.

Al-Mashat emphasised the importance of these points, particularly the need to overhaul the global financial system to better reflect the needs of developing countries. She noted that increased intra-African trade would drive economic growth and create jobs.

The statement called for the accelerated adoption of the Pan-African Payment and Settlement System (PAPSS) and urged MDBs to support its implementation. It also highlighted the importance of developing digital infrastructure and improving regional financial market integration.

To boost energy access, the statement emphasised the need for increased investment in transport and energy infrastructure, as well as improved regulatory environments to attract private investment. It called for doubling investments in these sectors and leveraging partnerships with MDBs to achieve the goal of providing electricity to 300 million Africans by 2030.

On debt, the statement urged sustainable solutions to create fiscal space for developing countries to invest in achieving the Sustainable Development Goals. It also reaffirmed the crucial role of the World Bank’s International Development Association (IDA) in providing concessional financing to address challenges such as climate change and food insecurity.

Al-Mashat and the Egyptian government will now work to implement the recommendations of the final statement and advocate for the necessary reforms at the World Bank and International Monetary Fund Annual Meetings in October.