Dr. Rania Al-Mashat meets World Bank and IFC delegation in Cairo to bolster financial sector reforms.
CAIRO, Egypt. — Egypt’s Minister of Planning, Economic Development, and International Cooperation, Dr. Rania A. Al-Mashat, convened with representatives from the World Bank and the International Finance Corporation (IFC) to discuss collaboration under the Joint Capital Market Program (J-CAP). The meeting, held in Cairo, also included officials from the Ministry of Finance, the Financial Regulatory Authority (FRA), and the General Authority for Investment and Free Zones.
Dr. Al-Mashat underscored the pivotal role of capital market development in driving sustainable growth and job creation. She highlighted Egypt’s recent initiatives, notably the launch of Africa’s first voluntary carbon trading market in August 2024, established with technical support from the World Bank. This market aims to attract investments and promote projects that reduce carbon emissions across various sectors, including agriculture and industry.
“The establishment of this market is the result of collaboration between all relevant parties, including development partners,” Dr. Al-Mashat remarked during the launch event. She emphasized that this initiative aligns with Egypt’s Vision 2030 and the National Climate Change Strategy 2050, aiming to balance economic growth with environmental sustainability.
The Minister also referenced Egypt’s issuance of the first sovereign green bonds in the Middle East and North Africa in 2020, reaffirming the country’s commitment to sustainable finance. She expressed optimism that partnering with the J-CAP program would enhance the efficiency of Egypt’s domestic debt market, broaden the investor base, and increase financing opportunities, particularly for small and medium-sized enterprises.
Launched in 2017 by the World Bank and IFC, the J-CAP program assists developing countries in strengthening local capital markets through tailored advice and investments. Egypt’s collaboration with J-CAP is expected to support the expansion of the country’s carbon market, positioning it as a regional hub, and to revitalize the bond market for large and medium-sized companies. Additionally, the partnership aims to explore innovative financing tools based on blended finance to support sustainable development and encourage public-private partnerships.
Dr. Al-Mashat reiterated that working with the J-CAP program would enable Egypt to unlock the full potential of its capital market, contributing to national economic development goals. She noted that this collaboration would play a pivotal role in enhancing the resilience of Egypt’s economy, increasing inclusivity, and ensuring long-term sustainable development.
Source: Ministry of Planning, Economic Development, and International Cooperation, Egypt
