Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, met with Anna Bjerde, Managing Director of Operations at the World Bank, on the sidelines of the United Nations General Assembly in New York. Badr Abdelatty, Egypt’s Minister of Foreign Affairs, also participated in the meeting.
Both Egyptian ministers expressed appreciation for the strategic partnership between Egypt and the World Bank Group, acknowledging the bank’s support for Egypt’s comprehensive national economic reform program, particularly during this crucial stage of economic development. They highlighted the unprecedented surge in regional and global crises and challenges, which place significant burdens on Egypt’s development path.
They emphasised the need for continued and intensified cooperation between Egypt and the World Bank to support national efforts in continuing economic reforms and achieving comprehensive transformation, ultimately placing Egypt on a sustainable path of inclusive growth.
The meeting focused on future areas of cooperation, particularly encouraging foreign direct investment in Egypt. Al-Mashat highlighted the government’s focus on improving the business environment, supporting the investment climate, and attracting domestic and foreign capital to enhance macroeconomic stability and build a competitive economy.
The meeting also addressed the partnership within the framework of the Development Policy Financing Program (DPF), a key mechanism used by the Ministry of Planning, Economic Development, and International Cooperation to support structural reforms.
Al-Mashat explained that the program enhances the stability of the Egyptian economy and stimulates the private sector. She highlighted that the three pillars of the DPF are a common denominator between various budgetary support programs being implemented with the European Union (EU), the African Development Bank (AfDB), and other development partners.
Al-Mashat also discussed the ongoing discussions on the development of the World Bank Group, noting the importance of reforming the global financial structure to better address the challenges faced by developing and emerging countries.
She emphasised the need to enhance the financial space available to these countries to move forward with the implementation of the Sustainable Development Goals.
She also provided an overview of the Ministry of Planning, Economic Development, and International Cooperation’s objectives, which focus on driving sustainable economic growth through three key pillars:
- Evidence-based policies to address development gaps
- Fostering macroeconomic stability, implementing structural reforms to enhance competitiveness, and improving the business environment
- Supporting the resilience of macroeconomic policies, transitioning to a green economy, and mobilising both domestic and international financing within an integrated national financing framework.
The current portfolio of development cooperation with the World Bank amounts to approximately $5.4bn, supporting 12 development projects in various sectors, including sustainable infrastructure, education, health, local development, social protection, budget support, small and medium enterprises, environment, and green transformation.
