BAKU, Azerbaijan, March 13. The time has come for closer cooperation between multinational and global banks, Egypt’s Former Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat said at the 13th Global Baku Forum, themed “Bridging Divides in a World in Transition,” Trend reports.
In her view, global shocks pop up every few years, putting macroeconomic stability on the line, especially for emerging economies that need to pour resources into education, healthcare, and social inclusion.
“All of this increases financial risks and reduces incentives for the private sector in emerging economies, which in turn intensifies pressure on their budgets,” the minister noted.
Al-Mashat highlighted the critical need to enhance collaboration with multinational and global financial institutions, particularly in light of the prevailing circumstances.
“Today, mutual support among multinational and global banks is needed more than ever. The World Bank, European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), and others must work together to stimulate development and encourage private sector investment in emerging economies. This will allow us to move forward and strengthen sustainable development pathways,” she delineated.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel