In her concluding engagements at the IMF and World Bank Spring Meetings held in Washington, D.C., Dr. Rania Al-Mashat, Egypt’s Minister of Planning and Economic Development and Governor of Egypt at the World Bank, conducted a series of key bilateral meetings with global financial and economic leaders. Among these were Liz Steger, President of the ODI Foundation, Jay Collins, Vice President of Citi Group, and Dr. Reda Baqar, Managing Director of Alvarez & Marsal.
National Narrative for Economic Growth
During her meeting with Liz Steger, Dr. Al-Mashat emphasized the critical role of the 2023 Spring Meetings, particularly the focus on jobs and skills, which is a pressing challenge for developing and emerging economies. She discussed Egypt’s efforts in developing its national narrative for economic development, a strategic initiative to promote growth and employment opportunities. Dr. Al-Mashat highlighted that this narrative is being shaped in close collaboration with the World Bank, Egypt’s key knowledge partner, and various ministries and national entities.
Dr. Al-Mashat stressed the importance of job creation and skills acquisition, particularly for middle-income countries like Egypt, which are seeking to transition into high-income nations. She also pointed out that increasing private sector investments is a primary driver of employment, innovation, technology advancement, and the development of new skills that align with labor market developments.
Driving Green Economy Transformation
In her discussions, Dr. Al-Mashat also reviewed the government’s ongoing efforts to accelerate the transition to a green economy. This includes ongoing structural reforms aimed at reinforcing macroeconomic stability, improving the investment climate, and supporting sustainable growth across sectors.
Global Economic Outlook and Private Sector Engagement
Dr. Al-Mashat further met with Jay Collins, Vice President of Citi Group, to discuss the evolving global economic landscape, with particular attention to the US trade policies and the uncertainty surrounding the global economy. They also touched upon Egypt’s strategy for fostering growth through exportable sectors, focusing on industries that can drive sustainable growth and attract foreign direct investments (FDI).
Enhancing Public-Private Partnerships
Dr. Al-Mashat continued her series of meetings, convening with Dr. Reda Baqar, Managing Director at Alvarez & Marsal, and Abdullah Al-Ebyari, Director of Sovereign Investment Services at the firm. The discussions centered around Egypt’s strategic efforts to expand private sector involvement in the country’s development. Dr. Al-Mashat highlighted the importance of fostering public-private partnerships (PPPs) to create a more diversified economy and attract long-term investments.
As part of this agenda, Dr. Al-Mashat also reviewed the government’s structural reforms aimed at improving the business environment, enhancing the investment climate, and advancing the green transition. She discussed the recently passed law regulating state ownership of companies, which will ensure greater transparency and governance in state-owned entities.
Key Initiatives and Achievements
A major highlight was the recent consultancy agreement signed with the International Finance Corporation (IFC) to enhance private sector participation in the management of Egyptian airports. This agreement reflects Egypt’s commitment to creating an enabling environment for private sector participation, thus driving economic growth and modernizing infrastructure.
With the World Bank, Citi Group, Alvarez & Marsal, and other global financial entities as key collaborators, Egypt is poised to further its economic ambitions, focusing on job creation, FDI attraction, and green economy investments, ensuring a brighter future for its citizens and a strong economic position in the global market.
