H.E. Dr. Rania A. Al-Mashat Meets with World Bank MD at UNGA Week in New York

 

Al-Mashat discussed various aspects of partnership with the World Bank to enhance economic and social development efforts and expand financing mechanisms that stimulate investment

Al-Mashat emphasized the importance of the World Bank evolution to contribute to reforming the global financial structure that enable developing countries to address their challenges

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Governor of Egypt in the World Bank, met with Ms. Anna Bjerde, Managing Director of Operations at the World Bank, with the participation of Dr. Badr Abdel Aati, Minister of Foreign Affairs, Immigration and Egyptian Expatriates Affairs, as part of the activities of the United Nations High-Level Week and the “Summit of the Future” in New York.

 

During the meeting, H.E. Minister of Planning, Economic Development and International Cooperation applauded  the pivotal role played by the World Bank, as one of Egypt's multilateral development partners, in supporting development efforts and enhancing the state's vision in various fields, especially at the level of economic development projects, social protection, and infrastructure development, as well as the efforts to expand projects to support and empower the private sector, whether through soft financing or technical support.

 

The meeting witnessed discussions between the two sides on future areas of cooperation, especially in terms of encouraging foreign direct investment in Egypt, in light of the great interest the government pays to improving the business environment, supporting the investment climate, and attracting domestic and foreign capital, to enhance macroeconomic stability and build a competitive economy.

 

The meeting also addressed the partnership within the framework of the Development Policy Financing Program (DPF), which is one of the important mechanisms through which the Ministry of Planning, Economic Development and International Cooperation seeks to support structural reforms, in a way that enhances the stability of the Egyptian economy and stimulates the private sector. H.E. noted that the three pillars of the Development Policy Financing Program (DPF) are a common denominator between the various budgetary support programs being implemented with the European Union (EU), the African Development Bank (AfDB), and other development partners.

 

Moreover, H.E. Dr. Rania A. Al-Mashat highlighted the importance of the ongoing discussions on the development of World Bank Group, which contributes to reforming the global financial structure to become more appropriate to the challenges facing the world, especially developing and emerging countries, thereby enhancing the financial space available to move forward towards the implementation of the SDGs.

 

H.E. The Minister of Planning, Economic Development and International Cooperation reviewed the new framework after merging the two ministries. The Ministry’s objectives focus on driving sustainable economic growth through three key pillars: evidence-based policies to address development gaps, fostering macroeconomic stability, implementing structural reforms to enhance competitiveness and improve the business environment, supporting the resilience of macroeconomic policies, transitioning to a green economy, and mobilizing both domestic and international financing within an integrated national financing framework.

 

It is worth noting that the current portfolio of development cooperation with the World Bank amounts to about $5.4 billion to implement 12 development projects in various sectors, including sustainable infrastructure, education, health, local development, social protection, budget support, small and medium enterprises, environment and green transformation.