Minister of Planning, Economic Development, and International Cooperation follows up with the World Bank's Country Director on ongoing partnership files and efforts to boost growth and employment rates

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met withStephane Guimbert, Country Director for Egypt, Yemen and Djibouti, to discuss avenues for joint cooperation and future collaborative projects.

At the beginning of the meeting, Dr. Rania Al-Mashat emphasized the importance of cooperation with the World Bank Group to promote growth and employment, highlighting the sectors driving the Egyptian economy. She explained that the World Bank Group has always been a key partner to the Egyptian government in various areas, whether through implementing development projects, providing technical assistance, or offering technical analysis and research. She noted that over the decades, the World Bank Group has contributed to many sectors, including education, health, transportation, social protection, housing, and private sector enhancement.

Al-Mashat also pointed out the successful cooperation between Egypt and the World Bank on several projects in recent years. She expressed her gratitude to the World Bank Group for their efforts in collaborating with Egypt and voiced her aspirations for future cooperation across diverse areas.

During the meeting, both sides discussed the ongoing projects within the World Bank’s portfolio, which include initiatives in education, food security, healthcare, sustainable sanitation, and universal health insurance. They also reviewed proposed future projects within the portfolio, including the Development Policy Financing (DPF), innovative financing mechanisms, and projects related to the development of small, medium, and micro enterprises.

The meeting also included discussions about joint strategies and reports, such as the Growth and Jobs Report and the Foreign Direct Investment Strategy, which focuses on improving the business environment.

Minister Al-Mashat highlighted the progress in implementing the Egypt-World Bank Country  Partnership Framework 2023-2027, launched last year. The CPF puts the people of Egypt at the center of the strategy in pursuit of three high-level outcomes (HLOs): (1) more and better private sector jobs; (2) enhanced human capital outcomes; and (3) improved resilience to shocks. In addition, the CPF outlines two cross-cutting themes - governance and citizen engagement, and women’s empowerment - that underpin progress toward the HLOs and complement and reinforce each other.

It is worth mentioning that last week, Dr. Rania Al-Mashat participated in a workshop held by the Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, on “Enhancing Foreign Direct Investment in Egypt through World Bank Group Guarantees.” The workshop aimed to discuss the unified guarantee platform launched by the World Bank, which seeks to provide services to both the public and private sectors through simplified mechanisms to bolster efforts to mobilize investments and provide innovative financing tools.