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HomeAfricaEgypt, World Bank discuss development strategy at Spring Meetings - Dailynewsegypt

Egypt, World Bank discuss development strategy at Spring Meetings – Dailynewsegypt

Egyptian Minister of International Cooperation Rania Al-Mashat met with World Bank Group officials during the 2024 Spring Meetings to discuss development strategies and ongoing cooperation.

The discussions centered on navigating regional and global challenges impacting developing economies.

Al-Mashat emphasized the need to adapt the World Bank’s model to maximize its role in tackling poverty, promoting shared prosperity, and expanding development financing.

The development policy financing program aimed at structural reforms was a key topic. This program focuses on enhancing economic competitiveness, strengthening macroeconomic resilience, and fostering a green transition. It aligns with Egypt’s Country Partnership Framework with the World Bank Group (2023-2027) and aims to implement the state ownership policy document and reforms that promote private sector growth.

The two sides discussed technical cooperation with the World Bank including support for attracting foreign direct investment (FDI), developing a national strategy for industrial development and trade promotion, and implementing the state ownership policy document.

Moreover, the meeting also highlighted the World Bank’s role in supporting economic and structural reforms that encourage FDI, along with successful experiences from other countries that Egypt can learn from.

Al-Mashat emphasized the World Bank’s vital role in social protection efforts through the Takaful and Karama program. This program provides $900m in soft financing to support Egypt’s lowest-income groups. A new $500m tranche was recently approved to further strengthen investment in human capital, a crucial aspect of social development.

The meetings also addressed ongoing climate action cooperation. Al-Mashat highlighted Egypt’s leadership in implementing national climate platforms, such as the NWFE program and the Country Climate and Development Report (CCDR) developed with the World Bank. Additionally, discussions touched on enhancing joint efforts in women’s empowerment and increasing their participation in development.

The Ministry of International Cooperation underscored its commitment to effective development cooperation. This includes regular monitoring of ongoing projects with various development partners, every three months. Technical support provided by the World Bank to the Ministry of Finance in areas like financial management, accounting, debt, and risk management was also discussed.

The recently announced $6bn financing package from the World Bank Group to Egypt over three years was reiterated. This package aims to support the government’s economic reform program and empower the private sector.

It will focus on increasing private sector participation in the economy through initiatives such as the government asset monetization program, strengthening the governance of state-owned enterprises, and improving public resource management.

The World Bank Group’s current development portfolio in Egypt exceeds $8bn, encompassing various institutions like the International Bank for Reconstruction and Development, the International Finance Corporation, and the Multilateral Investment Guarantee Agency.