World Bank, Egypt Pledge Deeper Ties Amid Economic Reforms
Date
7/27/2024 11:16:54 PM
(MENAFN- Daily News Egypt) Egypt's newly merged Ministry of Planning, Economic Development, and International Cooperation and the World bank have vowed to deepen their partnership as the North African country presses ahead with economic reforms.
In a meeting on the sidelines of the G20 Development Ministers' Meeting in Brazil, Minister Rania Al-Mashat and World Bank President Ajay Banga discussed ways to expand cooperation across various sectors.
Al-Mashat emphasized the importance of the World Bank as a strategic partner, praising its role in providing financial support, technical expertise, and advisory services to Egypt's development agenda. Banga congratulated Al-Mashat on her new role and reaffirmed the bank's commitment to supporting Egypt's priorities.
The merger of the planning and international cooperation ministries is expected to streamline Egypt's engagement with international financial institutions. Al-Mashat said the move will enhance coordination and maximize the impact of World Bank-funded projects.
Key areas of focus for the enhanced partnership include:
Human development: Investing in social protection, health, and education.
Industrial localization: Attracting foreign direct investment and developing domestic industries.
Private sector growth: Creating jobs and boosting economic competitiveness.
To support these goals, Egypt and the World Bank will continue implementing the Development Policy Financing (DPF) program, which aims to bolster fiscal resilience, improve the business environment, and promote green growth. The World Bank has already approved a $700m tranche for the program.
The two sides also discussed the importance of diagnostic reports and analysis to inform policymaking. The World Bank has produced several such reports for Egypt, including the Country Climate and Development Report, the Systematic Country Diagnostic, and the Private Sector Diagnostic Report.
The International Finance Corporation (IFC), the World Bank's private sector arm, will also play a key role in the partnership. The minister highlighted IFC's support for the energy sector and its collaboration with the Sovereign Fund of Egypt on desalination projects.
The meeting comes as the World Bank prepares to provide $6bn in financing to Egypt over the next three years. The funds will be allocated to support economic reforms and private sector development.
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