Egypt’s Minister of International Co-operation and Egypt’s Governor at the World Bank Group Rania El-Mashat emphasized on Sunday the importance of the partnership with the World Bank Group that extended over decades, reflecting in the enhancement of technical support and developmental financing for various priority projects.
This came during Mashat’s talks with Prime Minister’s Advisor for Tenders Affairs Mahmoud El Sakka, Assistant Prime Minister and Head of Information and Decision Support Center Osama El-Juhari and Prime Minister’s Economic Affairs Advisor Jehan Saleh.
The discussions focused on the technical support provided by the World Bank to state-owned companies and preparations for the upcoming technical mission of the World Bank to discuss the framework of technical co-operation with the government regarding the implementation of the State Ownership Policies document.
The meeting addressed priorities and the government’s vision regarding technical cooperation with the World Bank Group, the needs and requirements within the framework of implementing the State Ownership Policies document, and preparations for the World Bank’s technical mission.
The mission will hold several meetings with relevant national entities to formulate the vision of technical cooperation for the upcoming period, within the framework of the strategic partnership with the bank for the period 2023-2027.
She highlighted the importance of ongoing efforts with the World Bank to empower the private sector under the Strategic Partnership Framework for 2023-2027.
This framework represents a new chapter in the joint cooperation to achieve prosperity, particularly by creating, supporting an environment for private sector-led investments. The strategy aims to enhance investment in human capabilities, improve human capital outcomes in all governorates, and support the private sector’s diverse involvement in economic activities.
Mashat stressed the importance of ongoing co-operation with the World Bank to empower the private sector. This aligns with the government’s vision and the efforts of the Egyptian state to enable and enhance the participation of the private sector in development. The cooperation includes reinforcing investments for the private sector in various priority development areas and promoting green finance. This is achieved through collaboration with the International Finance Corporation (IFC) and The Multilateral Investment Guarantee Agency (MIGA).
In addition, the Minister highlighted the ongoing development portfolio between Egypt and the World Bank Group, encompassing 13 projects valued at dlrs 6.7 billion in education, health, transportation, communication, social protection, renewable energy, desalination, housing, local development, and the environment.
It is noteworthy that Egypt is one of the founding countries of the World Bank, the third-largest contributor in the Middle East and North Africa region. The World Bank has been a crucial development partner for Egypt, supporting development programs since 1959. The bank has financed 175 projects, totaling nearly dlrs 26 billion, in various critical sectors such as infrastructure, human capital, public sector reforms, service delivery, and private sector development.
The Ministry of International Cooperation launched the “Hafiz” platform at the end of 2023 to provide financial and technical support to the private sector. The platform serves as an integrated gateway connecting development partners and various private sector companies, including large corporations, small and medium-sized enterprises, and startups. This platform allows them to benefit from developmental financing, technical support, and consultations through global partnerships with international development partners.
