Dr. Rania Al-Mashat Follows Up with World Bank Regional Director on Efforts to Enhance Economic Development and Preparations for the Spring Meetings of the IMF and World Bank

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Mr. Stephane Guimbert, Regional Director of the World Bank for Egypt, Yemen and Djibouti, to discuss avenues for joint cooperation aimed at advancing economic development, as well as preparations for the upcoming Spring Meetings of the World Bank Group and the International Monetary Fund (IMF).

 

During the meeting, the Minister highlighted the ongoing collaborative efforts with the World Bank to enhance economic development by leveraging the institution’s global expertise and knowledge. These efforts align with the Bank’s transformation into a knowledge hub, offering critical insights and solutions to tackle development challenges amid accelerating global changes.

Dr. Al-Mashat emphasized the importance of the strategic partnership with the World Bank Group, Egypt’s key knowledge partner. This collaboration supports the development of a comprehensive executive plan for economic development, in coordination with ministries and national entities. It focuses on supporting macroeconomic stability, facilitating development financing, advancing industrial development and trade, mobilizing foreign direct investment (FDI), and investing in human capital.

 

The Minister also reviewed the Ministry’s progress in implementing Egypt’s national narrative for economic development, which is built on several key pillars. These include the preparation of the National Industrial Development Strategy—designed to increase exports, enhance the value-added of manufacturing industries, and expand the contribution of the green economy to GDP. The strategy also promotes greater coherence between the FDI strategy and industrial development, while supporting labor market reforms focused on skills development and human capital investment.

 

Discussions also covered several projects within the World Bank’s current portfolio in Egypt, including initiatives in education, healthcare, air pollution, and food security. Dr. Al-Mashat reiterated the government’s prioritization of improving the quality of education as a central focus of national development.

 

The meeting also discussed updates regarding the World Bank's portfolio, including the Universal Health Insurance Project, the Sustainable Sanitation in Rural Areas Project, the Takaful and Karama Project, the Upper Egypt Local Development Program, and the Cairo-Alexandria Trade Logistics Development Project, which is being implemented in cooperation with the National Railways Authority of Egypt (NRA).

 

At the conclusion of the meeting, Dr. Al-Mashat announced that all constitutional procedures related to the financing agreement on Financing Development Policies Towards Enhancing Resilience, Opportunity, and Prosperity in Egypt, have been completed. This agreement is anchored in three main pillars: enhancing economic competitiveness, strengthening macroeconomic resilience, and supporting the green transformation. H.E. stressed the importance of the agreement’s swift entry into force to maximize its developmental impact.