Minister of International Cooperation, Rania Al-Mashat, engaged in a meeting with Ajay Banga, the President of the World Bank Group (WBG), to discuss strategies for strengthening cooperation and enhancing the role of Egypt’s private sector in the economy. The meeting, held as part of the joint strategic partnership program for 2023-2027, focused on leveraging the World Bank’s expertise to foster the private sector’s participation in Egypt’s development.
Al-Mashat underscored the robust and diverse relationship between the Egyptian government and the WBG, emphasizing their collaborative efforts in various development sectors aligned with Egypt’s priorities.
She noted, “This partnership is instrumental in implementing projects that directly benefit citizens, such as expanding social protection programs, comprehensive health insurance, and development initiatives in Upper Egypt and other key sectors.”
Egypt holds a distinctive position as the third-largest shareholder in the Middle East and North Africa region within the World Bank.
The collaboration between Egypt and the WBG dates back to 1959, with the bank having financed 175 projects in the country, totaling nearly $26 billion. These projects primarily focus on vital sectors including infrastructure, human capital development, and public sector reforms.
Moreover, the International Monetary Fund (IMF) anticipates that the World Bank will play a crucial role in helping Egypt bridge its financing gap, projected to reach $17 billion by 2026.
It will be recalled that during her visit to the United States, Minister Al-Mashat also met with Makhtar Diop, CEO of the International Finance Corporation (IFC), the financial arm of the WBG.
The IFC has invested over $7 billion in Egypt since its inception, and in the past four years alone, its investment portfolio in the country has reached approximately $2.46 billion. This includes ongoing investments of $1.7 billion in various companies, as well as technical cooperation projects aimed at further enhancing economic growth and sustainability.
By xamse
January 14, 2024
