Prime Minister Mosutafa Madbouli said that Egypt values its close ties with the World Bank Group (WBG) and the ongoing co-operation in various fields serving the Egyptian economy, and contributing to achieving comprehensive development across the nations.
Premier Madbouli made these remarks as he received the visiting President of the World Bank Group (WBG), Ajay Banga, and his accompanying delegation, on Monday evening.
The meeting was attended by Egypt’s Deputy Prime Minister for Economic Affairs, Hussein Issa, Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, Finance Minister Ahmed Kouchouk, Minister of Foreign Affairs, International Co-operation and Egyptian Expatriates Badr Abdel Aati, Minister of Investment and Foreign Trade, Mohamed Farid, and, Minister of Planning and Economic Development, Ahmed Rostom.
The WBG is one of Egypt’s key international partners in achieving the Sustainable Development Goals and Egypt’s Vision 2030, Madbouly said.
He added that the 2023–2027 Strategic Partnership with the World Bank is of great importance in supporting national efforts to implement the economic reform programme and achieve sustainable development by backing major national projects and presidential initiatives, including the ‘Hayah Karima‘ (Decent Life) initiative, aimed at improving citizens’ quality of life, mainly in rural areas.
He also noted that Egypt has successfully overcome various challenges since 2011 and has implemented an economic reform programme under the vision of President Abdel Fattah El Sisi to achieve comprehensive development nationwide.
Madbouli also stressed that economic development, increasing production, and human capital development top the priorities assigned to the government following its recent formation.
In this context, Madbouli lauded the Bank’s support for economic and structural reforms, reviewing the results achieved in enhancing macroeconomic stability over recent years. He noted that the state has invested approximately $550 billion over the past years in infrastructure development, which has helped attract foreign investments and boost growth rates.
For his part, the WBG’s chief lauded Egypt’s success in carrying out the economic reform programme and stabilising macroeconomic indicators.
He also affirmed the bank’s support for Egypt in boosting growth and employment and creating job opportunities. He also highlighted the government’s efforts to develop infrastructure, reform state institutions, enhance the education sector, and upgrade healthcare services to achieve targeted growth rates and improve quality of life.
