Minister of Planning, Economic Development and International Cooperation Discusses Expanding the Strategic Partnership with the World Bank Group to Support Government Efforts in Achieving Sustainable Development and Empowering the Private Sector

H.E. Minister Al-Mashat Discusses with the World Bank Developments in Implementing the 2023-2027 Country Partnership Framework and Future Plans

Ministry of Planning and International Cooperation Coordinates World Bank Efforts with Ministries to Support Development Priorities Across Various Sectors

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, continued her series of meetings with development partners following the formation of the new cabinet and the merging of the planning, economic development, and international cooperation portfolios. The meetings aimed to review the ongoing development cooperation portfolio and discuss future partnership programs in light of the government's efforts to advance comprehensive economic development, enhance the competitiveness of the Egyptian economy, and empower the private sector.

 

H.E. Minister Al-Mashat met with Mr. Stephane Guimbert, Country Director for Egypt, Yemen, and Djibouti at the World Bank and his team, in the presence of the ministry's team.

 

At the beginning of the meeting, the Minister of Planning, Economic Development, and International Cooperation welcomed the World Bank officials, underscoring the importance of the country partnership framework (CPF) with the Bank, which is one of Egypt's largest multilateral development partners. The Minister highlighted the implementation of numerous joint programs and projects in various fields aimed at achieving sustainable development goals and aligning them with national objectives.

 

H.E. Dr. Al-Mashat clarified that the meeting's goal was to discuss future priorities and the diverse cooperation portfolio with the World Bank Group, particularly considering the new government's high priority on investing in human capital, enhancing industrial development, and promoting foreign direct investment.

 

Constructive Historical Partnerships

 

The two sides reviewed the long-standing partnership between the Arab Republic of Egypt and the World Bank, emphasizing the importance of this cooperation dating back to 1945. Egypt is a founding member of the World Bank Group and its affiliated institutions, which work on enabling the private sector in development efforts and supporting development in developing countries. The joint efforts with the World Bank support development through various mechanisms, including diagnostic reports on economic conditions and development areas, technical assistance across different sectors, concessional development financing, and mixed financing to stimulate the private sector.

 

Country Partnership Framework 2023-2027

 

The two sides reviewed the implementation of the CPF between Egypt and the World Bank for 2023-2027, launched last year, which targets achieving three main priorities: supporting an enabling environment for investments and increasing private sector participation in development; improving investment in human capital; and enhancing resilience and macroeconomic management while supporting the green transition. Additionally, there are two interconnected pillars supporting the three main goals, namely governance, citizen engagement, and women's empowerment.

 

In this context, H.E. Dr. Rania A. Al-Mashat highlighted the importance of the programs and projects being implemented with the World Bank Group across various components of the Strategic Partnership Framework. These include investment services for the government’s offering program being implemented with the International Finance Corporation, the strategy for encouraging foreign direct investment, the industrial development strategy, the social protection program (Takaful wa Karama), the Climate Resilient Agri-Food Transformation project (CRAFT) under the "NWFE" program, and future programs with the Small, Medium, and Micro Enterprises Agency and the Ministries of Housing and Local Development.

 

Review of the Ongoing Portfolio

 

H.E. Minister Al-Mashat reviewed the ongoing development cooperation portfolio through the AIMS electronic data management system, which records approximately $5.4 billion for 12 development projects across various sectors including sustainable infrastructure, education, health, local development, social protection, budget support, small and medium enterprises, the environment, and the green transition.

 

H.E. Dr. Al-Mashat also discussed the geographical distribution of these projects across various governorates, supporting the state's efforts to achieve comprehensive and sustainable development, particularly through the Universal Health Insurance project, the Education Development Program, the Social Protection Program (Takaful wa Karama) serving millions of citizens, the Local Development Project in Upper Egypt, and the Social Housing Finance Program for low-income groups, alongside sustainable infrastructure projects.

 

Future Programs and Projects

 

The meeting also covered future projects and programs, including the Climate Resilient Agri-Food Transformation project (CRAFT) under the "NWFE" program, which resulted from merging the crop adaptation projects in the Nile Valley and Delta and the establishment of early warning systems. This project aims to enhance crop productivity and resilience in the Nile Valley and Delta and to establish early warning units to improve forecasting systems and support services for farmers to mitigate climate change risks.

 

They also discussed the preparations for the World Bank’s technical mission scheduled to visit Egypt next September to follow up on the technical discussions regarding the project.

 

The meeting addressed maximizing the private sector's role in investment and following up on the implementation of the State Ownership Policy Document through the governance and regulation of state-owned enterprises to improve their financial conditions and competitiveness. The Minister emphasized the need for the Bank to provide technical support to all relevant Egyptian entities in implementing the State Ownership Policy Document by organizing national working groups and conducting workshops on the best practices for enhancing state-owned enterprise governance.

 

H.E. Dr. Rania A. Al-Mashat affirmed that the Ministry of Planning, Economic Development, and International Cooperation aims to continue its ongoing collaboration with the World Bank Group concerning the Joint Capital Market Program (J-CAP). This program will contribute to strengthening the infrastructure for attracting private capital in Egypt and enhancing liquidity in financial markets by developing the necessary foundations for the local ecosystem to become a regional hub for carbon markets. She explained that the ministry is coordinating the World Bank's efforts with various ministries to support development in priority sectors.