Bridgetown Initiative Necessitates Restructuring of Int’l Financial Institutions: Planning Min

Egyptian Minister of Planning, Economic Development and International Co-operation Rania al-Mashaat said that Bridgetown Initiative that was launched to reform the international financial structure to face the global economic risks including climate change necessitates the restructuring of international financial institutions and increasing capital flows to achieve the goals of sustainable development. This came during Hamburg Sustainability Conference 2024 held in the German city of Hamburg where Mashat participates as a main speaker in the discussion session on expansion of joint impact and how to enable multi-party development banks to support transformation via national platforms. Mashat sheds light on a platform for joint finance that was launched by 10 developmental banks including African Development Bank (AfDB), European Bank for Reconstruction and Development (EBRD) and World Bank Group to direct the additional capital and expand the range of development, according to a statement issued by the Min istry of Planning on Wednesday9/10/2024. This comes within the framework of unifying development efforts to facilitate development finance and reform scientific financial structure, the statement added. Source: State Information Service Egypt