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
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