Mashat: Global inflation, economic repercussions upped development requirements

International Cooperation Minister Rania al-Mashat asserted the development cooperation has played an active role in financing development and climate action agenda in developing countries.

Developmental cooperation reached 13.6 percent in 2022, compared to 2021, she added in an address to a forum on collecting capital to promote sustainable infrastructure, which is organized by the Asian Development Bank (ADB) in infrastructure as part of activities of the high-level conference for international work for joint development, currently in session in the Chinese capital Beijing Tuesday.

So global inflation and consecutive economic repercussions increased requirements to attain development and reduced the capability to meet growing needs, she said, referring to the absence of justice in climate finance regionally and internationally.

The conference is aiming to probe implementation mechanisms for the global development initiative, launched by the Chinese president in 2021 and boost global development efforts to overcome shocks facing different countries through multilateral cooperation.

Mashat underscored the important role the private sector is playing to accelerate the fulfillment of sustainable development goals.

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