Dr. Rania Al-Mashat, Egypt’s Minister of Planning and Economic Development and Governor of Egypt at the World Bank Group, participated in a high-level session organized by the World Bank titled “Jobs: The Path to Prosperity.” The session featured prominent figures including Mr. Ajay Banga, President of the World Bank, Ms. Michelle Bachelet, former President of Chile, Mr. Tharman Shanmugaratnam, President of Singapore, Mr. Doug Peterson, Special Advisor and former CEO of S&P Global, and Mr. Dilhan Pillay, CEO of Temasek.
Dr. Al-Mashat addressed the importance of economic infrastructure, emphasizing the need for governments to ensure macroeconomic stability and predictable policies to enable the private sector to thrive. She stressed that governments alone cannot create sufficient jobs, which must come from businesses or through empowering individuals to start their own ventures.
She highlighted the significance of economic stability, structural reforms that remove barriers and promote competition, and support for the green transition as fundamental to any successful economy. Dr. Al-Mashat underscored the necessity of maintaining economic stability through these reforms.
Regarding human infrastructure, she emphasized the importance of equipping young people with skills that align with modern trends and linking these skills to the needs of the private sector. She pointed out that Egypt has numerous vocational schools that are connected to the private sector across various industries.
Dr. Al-Mashat also discussed the progress in attracting private sector investments in renewable energy and strengthening public-private partnerships through structural reforms. She stressed the need for an integrated financing framework to enable countries to attract investments and fund projects, encompassing various funding sources such as foreign direct investment, domestic resource mobilization, debt-for-nature swaps, and financial guarantees.
She emphasized the urgency for governments to act swiftly, as the speed of decision-making and economic policy implementation has become more critical than ever to ensure success in attracting investments and achieving sustainable development.
Dr. Al-Mashat further elaborated on the role of the tourism sector in job creation, noting a job multiplier effect of 1 to 4, meaning that every direct job in tourism generates four indirect jobs. She highlighted tourism as a vital sector that contributes to large-scale job creation, promotes global peace and mobility, and fosters cultural exchange. She mentioned Egypt’s efforts to open the Grand Egyptian Museum in July, stating that the sector is a crucial source of investment and revenue for the local market, given its attractive destinations, skilled workforce, and robust infrastructure. She emphasized that investing in tourism is not just about infrastructure and services but also about improving citizens’ lives and developing their skills, thereby contributing to sustainable economic growth.
