RIO DE JANEIRO – President of the World Bank (WB) Group Ajay Banga affirmed keenness on promoting partnership with Egypt during the upcoming period, in line with priorities of the newly-appointed government toward boosting development in all sectors.
The president of the WB made the remarks during his first meeting with Minister of Planning, Economic Development and International Cooperation Rania al Mashat after the merge of the ministries, on the sidelines of the G20 Development Ministerial meetings held in Rio de Janeiro, Brazil.
He congratulated Mashat on her appointment as the minister of planning, economic development and international cooperation.
Mahsat affirmed the importance of strategic partnership with the World Bank, which is one of the largest multilateral development banks across the globe.
Egypt’s Governor at the World Bank Mashat stated that merging of the Ministry of Planning and the Ministry of International Cooperation will enhance the partnership with the World Bank in monitoring the implementation of projects and programs, both in terms of economic sectors and geographical distribution across governorates.
The meeting involved discussions on various aspects of the partnership between Egypt and the World Bank Group.
The Minister discussed the priorities for the upcoming phase of cooperation with the World Bank, which align with the government’s program priorities, including advancing human capital, localizing industry, and encouraging local and foreign investments by focusing on productive and export sectors to enhance the competitiveness of the Egyptian economy and support macroeconomic stability.
The meeting reviewed the joint strategies being implemented between the government and the World Bank in the areas of human development and industry localization, under the 2023-2027 partnership framework. Current activities include assessing the state of foreign direct investment in Egypt and developing the national industry strategy. These studies are crucial for advancing government priorities to attract more foreign direct investment and localize industry across various sectors.
Mashat highlighted the alignment of the strategic partnership areas with the government’s program priorities and Egypt’s Vision 2030, which aims to enhance private sector growth, create job opportunities, and invest in human capital through social protection systems, health, and education, while supporting resilience through innovative solutions in climate action.
She commended the partnership with the World Bank in implementing the Development Policy Financing (DPF) program, which supports the government’s efforts in executing structural reforms that stimulate the private sector.
The meeting also discussed the next phase of the DPF program, emphasizing the government’s commitment to continuing structural reforms that facilitate private sector involvement and integrating with development partners in executing the matrix of structural reforms.
Mashat noted the importance of diagnostic and analytical reports as key areas of cooperation between Egypt and the World Bank to provide clear economic insights and current situation analysis.
This includes the Country Climate and Development Report (CCDR), the Egypt Systematic Country Diagnostic (SCD), the 2020 Private Sector Diagnostic Report for Egypt, and the 2022 Public Expenditure Review for Human Development Sectors in Egypt. The World Bank also launched a demographic report in collaboration with the Egyptian government in 2022.
The meeting also discussed cooperation mechanisms between the government and the International Finance Corporation (IFC) to provide concessional financing and technical support exceeding $9 billion across various developmental sectors, making Egypt one of the largest operations countries for IFC.
The Minister highlighted IFC’s active role in financing private sector projects in energy under the “NUCA” program, as well as its partnership with the Sovereign Fund and the European Bank for Reconstruction and Development to enhance private sector participation in the desalination program in Egypt.
