On behalf of the African Advisory Council, the Egyptian Foreign Minister highlights the repercussions of geopolitical tensions on the continent.

Dr. Badr Abdel-Aty, Minister of Foreign Affairs, International Cooperation and Egyptians Abroad, participated today, Wednesday, in the meeting of the African Advisory Group with the President of the World Bank, on the sidelines of his participation in the Spring Meetings of the Bank and the International Monetary Fund in the American capital, Washington.

The Foreign Minister delivered a speech on behalf of the African Group, in which he addressed the increasing repercussions of geopolitical tensions on African economies, especially in light of rising energy and food prices, and worsening inflation rates.

Rapid transformations in the international system

Minister Abdel-Aati also pointed to the rapid transformations taking place in the international system, which are manifested in the escalating challenges related to international trade and supply chains, and the increasing conflicts, which negatively affect the development agenda in Africa.

He stressed that the current challenges are no longer limited to dealing with transient shocks, but rather external pressures have become an extended feature of the global economic landscape, which necessitates enabling African economies to operate sustainably under these conditions, in a way that preserves development gains and enhances their resilience.

The Foreign Minister stressed the importance of the World Bank playing a more effective role in supporting African countries to deal with these challenges, especially in light of the delicate balances that African governments face between containing inflation, maintaining fiscal discipline, and ensuring the continuity of social spending.

Reducing structural risks associated with the energy sector

Minister Abdel-Aty also expressed the African countries’ aspiration for the World Bank to utilize its financing tools, both short-term and long-term, to help reduce the structural risks associated with the energy sector, noting the importance of providing targeted support to ensure the availability of stable energy sources, which would enhance the resilience of African economies.

For his part, World Bank Group President Ajay Banga praised his successful visit to Egypt last March, and his honor of meeting the President of the Republic, during which he witnessed the efforts made by the Egyptian government in implementing economic reforms aimed at raising the efficiency of the economy and increasing its competitiveness.

During his visit, the bank president also inspected several different development projects funded by the World Bank in Egypt, expressing his hope to strengthen the frameworks of bilateral cooperation between the two sides.