Minister of Foreign Affairs, International Co-operation, and Egyptian Expatriates Badr Abdelatty, in his capacity as Egypt’s Governor at the World Bank Group, met World Bank Group President Ajay Banga on Tuesday on the sidelines of his participation in the high-level segment of the 81st session of the UN General Assembly in New York.
The meeting discussed ways to strengthen co-operation between Egypt and the World Bank Group in support of the country’s economic and development goals.
Foreign Ministry Spokesman Ambassador Nader Zaki said Abdelatty expressed appreciation for the close co-ordination between Egypt and the World Bank Group, particularly following the completion of the second phase of the Development Policy Financing programme. He expressed hope that the third and final phase would be completed, while praising the Group’s support for Egypt’s economic reform and sustainable development efforts, including national projects and presidential initiatives, particularly the Decent Life (Hayah Karima) initiative.
Abdelatty also expressed his intention to participate in the annual meetings of the World Bank Group and the International Monetary Fund, scheduled to take place in Thailand next October. He reaffirmed the Egyptian government’s commitment to continuing its economic reform programme to achieve inclusive and sustainable growth.
The minister also reviewed government efforts to develop its state-owned companies offering programme and expand the number of companies included in it. He stressed that empowering the private sector and creating an attractive investment environment remain key priorities, as the private sector is the main driver of economic growth.
The meeting also addressed the impact of the military escalation in the region on the global economy. Abdelatty said the Egyptian economy had demonstrated resilience thanks to structural and monetary reforms implemented in recent years. He outlined government efforts to strengthen the country’s ability to withstand the economic impact of regional tensions, including ensuring sustainable supplies of energy and essential commodities, as part of a proactive approach aimed at maintaining macroeconomic stability and continuing the reform process.
For his part, Banga expressed appreciation for the strong relations between the World Bank and Egypt, praising Egypt’s economic performance amid current regional and international challenges.
He highlighted the economic and structural reforms implemented by the Egyptian government, which have contributed to strengthening financial and monetary stability, improving the investment climate, and supporting economic empowerment and social protection efforts.
Banga also praised Egypt’s commitment to pursuing comprehensive reform and highlighted the country’s key regional and international role in supporting stability and advancing development efforts, strengthening its position as a key partner in addressing common challenges and promoting sustainable development in the region.
