Dr. Rania Al-Mashat holds intensive meetings with senior management of the World Bank Group in Washington to discuss developments in various joint cooperation files.

 

"Al-Mashat": Trade wars and global economic developments underscore the importance of restructuring the financial system and reforming the system of international institutions and multilateral development banks.

 

The need to provide a wider financial space for developing countries and emerging economies to support their efforts in achieving development and climate action.

 

 The World Bank is the government's knowledge partner in the preparation of the National Narrative for Economic Development  to set a roadmap for the Egyptian economy until 2030.

 

 Egypt forms a national committee to prepare a "Business Readiness" report to assess the investment climate and enhance the competitiveness of the Egyptian economy.

 

Strengthening cooperation with the World Bank as a knowledge partner to expand impactful and implementable solutions and exchange experiences.

 

Digital transformation and artificial intelligence are key pillars for achieving economic development, and we are keen to enhance cooperation with the bank in these areas.

 

There is a necessity to expand the role of the International Development Association (IDA) to support low-income countries in facing economic challenges.

 

 The World Bank expresses gratitude to the Egyptian state for increasing its contribution and support for the replenishment of the International Development Association's (IDA) resources.

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation and Egypt's Governor at the World Bank Group, held intensive meetings with senior management of the World Bank Group (WBG) at the beginning of her participation in the Spring Meetings of the World Bank and International Monetary Fund, held in Washington under the theme "Jobs... the Path to Prosperity." She met with Mr. Ousmane Dione, Vice President of the World Bank for the Middle East and North Africa, Mr. Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group, and Mr. Axel van Trotsenburg, Managing Director of Operations at the World Bank.

 

This comes in light of the close relationship between the Arab Republic of Egypt and the World Bank Group, as it is one of the largest multilateral development banks operating in Egypt and accounts for approximately 21.8% of the current development cooperation portfolio.

 

Meeting with the Vice President of the World Bank Group

 

H.E. Dr. Rania Al-Mashat reviewed with Mr. Ousmane Dione, Vice President of the World Bank for the Middle East and North Africa, the developments in the global economy in light of trade wars and their implications on growth and investment flows, especially in developing countries, emphasizing that current developments highlight the imbalance in the global financial structure and the need for the international community to restructure the global financial system and reform multilateral development banks to provide a wider financial space for developing countries and emerging economies and support development efforts and climate action.

 

H.E. Dr. Rania Al-Mashat affirmed the close cooperation with the World Bank Group, especially as a knowledge bank, and the ongoing collaboration with the Ministry of Planning, Economic Development, and International Cooperation to prepare the National Narrative for Economic Development, which analyzes and diagnoses the situation of the Egyptian economy, and develops targeted recommendations and policies on the most priority sectors, especially industry, export, foreign direct investment, and macroeconomic policies.

 

Al-Mashat pointed out that there is a strong base for the efforts made with the World Bank, especially after nearly a year since the implementation of the reform programme with the International Monetary Fund and the implementation of a package of economic reforms and policies to control public finances and enhance macroeconomic stability, in addition to the reforms implemented under the National Structural Reforms Programme in cooperation with the World Bank, the European Union and the African Development Bank, and the continued implementation of these reforms under the second phase of the Macroeconomic and Budget Support Mechanism (MFA) with the European Union (EU).

 

The two sides also discussed the importance of cooperation in enhancing digital transformation, artificial intelligence and developing the telecommunications and information technology sector in Egypt, especially as these tools have become not only a driver for facilitating services but also a strong driver for economic development, in addition to the new projects being implemented in the field of small and medium enterprises, financing development policies, and cooperation in the field of increasing investment in human capital. She emphasized the need to expand investments in light of the government's interest in encouraging exports and supporting the non-oil manufacturing sector.

 

During the meeting, Al-Mashat affirmed the importance of diversifying aspects of cooperation with the World Bank to include technical support and benefiting from the accumulated expertise in studying the economic growth model, identifying priority sectors driving growth, as well as addressing debt challenges through comprehensive and innovative mechanisms, in light of the escalating geopolitical tensions that the whole world and the region in particular are going through, which greatly affect the efforts of countries in the development paths.

 

For his part, the Vice President of the World Bank Group praised the ongoing work and technical support provided by the bank in the energy, water, and other vital sectors.

 

Meeting with the Chief Economist and Senior Vice President for Development Economics of the World Bank

 

In a related context, the Minister of Planning, Economic Development, and International Cooperation discussed with Mr. Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group, joint cooperation efforts to enhance economic development by leveraging the international capabilities and expertise possessed by the World Bank to provide necessary solutions to address the challenges of job creation in Egypt, drive growth, and achieve sustainable economic development.

 

H.E. thanked the World Bank for the constructive collaboration in preparing the National Narrative for Economic Development, which will serve as a roadmap for achieving development and moving forward with economic and structural reform efforts. H.E. also spoke about Egypt's inclusion in the World Bank's "Business Readiness" report and the formation of a national committee to prepare the report as a key report to assess the business environment, improve the investment climate, and enhance the competitiveness of the Egyptian economy regionally and internationally.

 

Al-Mashat highlighted the government's efforts to encourage exports and enhance the competitiveness of the Egyptian economy on regional and global levels, and the use of data to formulate evidence-based decisions.

 

For his part, the Chief Economist at the World Bank explained that the bank is working on a report on artificial intelligence at the regional level, including Egypt.

 

Managing Director of Operations at the World Bank

 

On another note, the Minister of Planning, Economic Development, and International Cooperation met with Mr. Axel van Trotsenburg, Managing Director of Operations at the World Bank. The meeting discussed the innovative strategies currently being developed with the World Bank to attract foreign direct investment (FDI), strengthen the industrial sector, and support trade exchange in order to achieve sustainable economic growth.

 

The Managing Director of Operations at the World Bank thanked the Egyptian state for supporting for the replenishment of the resources of the International Development Association (IDA) affiliated with the World Bank, which focuses on supporting low-income countries, especially in Africa, with Egypt being one of the donor countries to this association.

 

Furthermore, The Minister of Planning, Economic Development and International Cooperation reaffirmed the importance of the role of the International Development Association (IDA) in supporting least developed and low-income countries, especially in light of the worsening global economic developments that reduce the ability of these countries to move forward in their developmental paths, as well as its role in creating South-South partnerships.

 

H.E. noted that Egypt is keen to strengthen cooperation with the World Bank Group, within the framework of developing the Bank's approach to become a "knowledge bank" to contribute to the exchange of expertise and experiences and expand the scope of impactful and implementable solutions to help different countries achieve their development vision.