The World Bank President, Ajay Banga, has lauded Egypt’s economic reforms and state-led investment platforms, reaffirming the country’s status as a key partner for the global financial institution. During a meeting with Egypt’s Minister of Planning, Rania Al-Mashat, on the sidelines of the World Bank’s annual meetings, the two discussed opportunities for further collaboration in private sector financing, capital market development, and global financial system restructuring.
Banga highlighted Egypt’s innovative initiatives, such as the NWFE platform for climate investments and the Hafiz platform for private sector participation, as examples of the country’s commitment to sustainable development and climate action.
Al-Mashat expressed her appreciation for the World Bank’s continued support and emphasized Egypt’s dedication to strengthening their partnership. She called for enhanced collaboration in bridging development financing gaps and urged the World Bank to develop predictive economic models to assist developing nations in navigating global challenges.
The meeting also focused on Egypt’s efforts to empower the private sector and reform the global financial architecture. Al-Mashat highlighted the importance of collaboration with the IFC and MIGA to enhance financial mechanisms available to private enterprises in Egypt and called for a more supportive global financial system for emerging economies.
Both parties discussed the J-CAP program, an initiative to develop capital markets in 18 countries, and explored future joint projects in governance, development financing, and foreign direct investment. Egypt’s current partnership portfolio with the World Bank includes 12 projects worth $5.5 billion, demonstrating the strong and productive relationship between the two entities.
