Egypt’s Minister of Planning, Rania Al-Mashat, met with Stefan Goebert, the Regional Director of the World Bank for Egypt, Yemen, and Djibouti, to discuss the ongoing collaboration between Egypt and the World Bank and explore new avenues for cooperation aimed at fostering economic growth and creating job opportunities.
During the meeting, Al-Mashat highlighted the World Bank Group’s pivotal role as a strategic partner in advancing Egypt’s economic priorities. She acknowledged the bank’s significant contributions across key sectors such as education, healthcare, transportation, social protection, housing, and private sector development. Al-Mashat expressed her appreciation for the positive outcomes achieved through these collaborations and underscored her eagerness to explore future projects aligned with Egypt’s broader development goals.
Review of Ongoing and Future Projects
The discussions covered a review of ongoing projects within the World Bank’s portfolio, which include initiatives aimed at enhancing food security, healthcare, sustainable sanitation, and comprehensive health insurance. The two sides also discussed upcoming projects, focusing on areas such as development policy financing, innovative funding mechanisms, and initiatives that support the Small, Medium, and Micro Enterprises Development Agency (SME), a critical element in Egypt’s economic diversification and job creation strategies.
Furthermore, the meeting touched on collaborative strategies aimed at improving Egypt’s business environment. Key reports, such as the Growth and Jobs Report and the Foreign Direct Investment (FDI) Strategy, were reviewed as tools for attracting more foreign investment and enhancing Egypt’s overall economic competitiveness.
Egypt-World Bank Strategic Partnership Framework
Al-Mashat also provided an update on the progress made under the Egypt-World Bank Strategic Partnership Framework (2023-2027), which was launched last year. This comprehensive framework focuses on three key priorities:
- Improving the business climate to encourage investment and greater private sector participation.
- Enhancing human capital investment to foster skills development and job creation.
- Strengthening resilience through improved macroeconomic management and supporting Egypt’s green transformation initiatives.
Al-Mashat emphasized that governance, citizen engagement, and women’s empowerment are foundational elements of the framework, ensuring that all development efforts are inclusive and equitable.
Innovative Financing and FDI Strategies
The Minister also referenced her recent participation in a workshop organized by the World Bank’s Multilateral Investment Guarantee Agency (MIGA). The workshop, titled “Enhancing FDI in Egypt through World Bank Guarantees,” introduced the Unified Guarantee Platform, a new tool designed to streamline services for both the public and private sectors. The platform aims to mobilize investments and provide innovative financing options to attract foreign direct investment (FDI), an essential component for Egypt’s sustainable economic development.
Commitment to Sustainable Growth and Innovation
In concluding the meeting, Al-Mashat reaffirmed Egypt’s commitment to deepening its partnership with the World Bank. With a focus on innovation, advancing green development, and investing in human capital, she stressed that the collaboration between Egypt and the World Bank is a cornerstone for sustainable economic growth. This partnership underscores Egypt’s drive to modernize its economy, improve livelihoods, and ensure long-term prosperity for its citizens while addressing global challenges such as environmental sustainability and job creation.
