MEMPHIS REISEN

Egypt participates in IDA for Africa Summit, discussing development ambitions – Dailynewsegypt

Rania Al-Mashat, Egypt’s Minister of International Cooperation, represented President Abdel Fattah Al-Sisi at the International Development Association (IDA) for Africa Heads of State Summit in Kenya.

The summit focused on African nations’ development goals within their partnership with the World Bank’s IDA, the world’s leading provider of low-interest loans and grants for national development projects.

The summit brought together African government officials, civil society representatives, and young people. Participants discussed Africa’s development ambitions and called for increased support from the IDA, which is the world’s largest source of concessional funding for developing nations.

IDA grants and low-interest loans help countries invest in their futures, improve living standards, enhance security, and build more prosperous societies. As a central pillar of the IDA’s mission to eradicate poverty on a healthy planet, Africa receives over 70% of the organization’s loans and grants.

The Egyptian Cabinet previously approved the country’s subscription to the 19th and 20th replenishments of IDA resources (Resolutions No. 244 & 248 of the IDA Board of Governors). As a member with contribution rights, Egypt participates in regular capital increases to ensure the organization’s continued financial strength. These approvals are subject to standard constitutional procedures.

Established in 1960, the IDA is a branch of the World Bank dedicated to investing in people and the planet’s future. Through ongoing projects in 75 countries, the IDA aims to reduce poverty by providing grants and zero-interest loans for programs promoting economic growth, reducing inequalities, and improving living conditions.