According to a cabinet statement on Saturday, Minister of International collaboration Rania Al-Mashat met with President of the World Bank Group (WBG) Ajay Banga to discuss future collaboration and the bank’s role in increasing Egypt’s private sector engagement in the economy.
This meeting came as part of the joint strategic partnership programme for 2023-2027, which aims to leverage the bank’s expertise in enhancing the private sector’s participation in the country’s development process.
Al-Mashat emphasized the strong and diverse relationship between the Egyptian government and WBG, highlighting their collaboration in various development areas that align with Egypt’s priorities.
“This partnership is instrumental in implementing projects that directly benefit citizens, such as expanding social protection programmes, comprehensive health insurance, and development initiatives in Upper Egypt and other key sectors,” she added.
Egypt is distinguishably the third-largest shareholder in the Middle East and North Africa region and has had a long-standing collaboration with the WB since 1959.
The bank has financed 175 projects in Egypt, totaling nearly $26 billion, with a focus on vital sectors like infrastructure, human capital development, and public sector reforms.
Furthermore, the International Monetary Fund (IMF) expects the WB to be a major partner in helping Egypt bridge its financing gap, projected to reach $17 billion by 2026.
During her visit to the USA, Al-Mashat also met with Makhtar Diop, CEO of the International Finance Corporation (IFC), a financial arm of the WBG, to discuss bilateral cooperation.
Discussions revolved around ongoing cooperation developments, particularly the IFC’s role as a strategic advisor to the government in implementing the government’s IPO programme, in line with the agreement signed in June 2023.
The IFC has invested over $7 billion since it began operating in the country.
Over the past four years, the IFC’s investment portfolio in Egypt has reached approximately $2.46 billion, including ongoing investments of $1.7 billion in various companies as well as technical cooperation projects.
Furthermore, the IFC has a technical support portfolio worth $34 million, focusing on high-priority areas like the financial sector, fintech, climate finance, manufacturing, infrastructure, renewable energy, healthcare, and gender equality.
