Minister of Planning, Economic Development and International Cooperation Reviews Positive Results of the Egyptian Economy, Growth Indicators, and Private Sector Empowerment in an Expanded Meeting with the World Bank President

During the Spring Meetings in Washington

 

Minister of Planning, Economic Development and International Cooperation Reviews Positive Results of the Egyptian Economy, Growth Indicators, and Private Sector Empowerment in an Expanded Meeting with the World Bank President

  

"Al-Mashat":

 

Egypt Values Its Strong and Historical Relationship with the World Bank Group, One of the Largest Multilateral Development Banks in the World.

The World Bank is a Knowledge Partner for the Government in Preparing the National Narrative for Economic Development.

We Look Forward to Greater Participation from MIGA and IFC in Activating Investment Guarantees from the European Union Worth €1.8 Billion.

The "Takaful and Karama" Program is a Model of Fruitful Partnership with the World Bank to Enhance Social Protection Efforts.

We Have Implemented Debt-Swap Programs with Bilateral Development Partners Worth More Than $800 Million.

The Financing for Development Conference in Seville is a Turning Point in the International Community's Journey Towards Financing Development.

Egypt is Implementing Ongoing Tax Reforms and Investment Incentives to Transition Towards Private Sector-Led Economic Development.

Continuous Government Measures to Accelerate the Pace of Offering State-Owned Companies and Maximize the Utilization of Assets Through the Sovereign Fund.

 

 

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the World Bank, held an expanded meeting with H.E. Ajay Banga, President of the World Bank Group, during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington, D.C., this week.

 

During the meeting, H.E. Dr. Rania Al-Mashat commended the strong and historical relations with the World Bank Group and Egypt's keenness to consolidate this partnership in a way that reflects positively on development efforts and enhances the economic reform path.

 

The meeting also reviewed the latest developments in relations between the two sides and the ongoing efforts to prepare the national narrative for economic development, in cooperation with the World Bank as a knowledge partner.

 

In this regard, the President of the World Bank Group affirmed the Bank's commitment to providing all aspects of support to the Arab Republic of Egypt at this time to enhance macroeconomic stability and advance development efforts.

 

He also referred to the objective of the 2025 Spring Meetings, which discuss jobs as a pathway to development and prosperity, referring to the Advisory Council on Jobs launched by the World Bank in August 2024 as a new initiative to identify practical and implementable policies and programs to address the unemployment crisis in the countries of the South.

 

The meeting also touched upon the anticipated visit of the WB President to the Arab Republic of Egypt during the current year. They discussed the developments in the implementation of the Country Platform for the "NWFE" program and the efforts made recently that contributed to mobilizing climate investments, particularly in the energy sector, and the issuance of the second follow-up report on the program last month.

 

 

The two sides reviewed the developments in the partnership between the Arab Republic of Egypt and the WB Group. In this context, the Minister of Planning, Economic Development and International Cooperation pointed out that 10 years have passed since the beginning of cooperation with the Bank in financing the social protection program "Takaful and Karama," which represents a model that the WB seeks to replicate in other countries due to its ability to deliver support to those who deserve it and protect lower-income groups.

 

H.E. Dr. Al-Mashat emphasized the government's current focus on taking the necessary tax measures, investment incentives, and structural reforms that would empower the private sector and encourage local and foreign investments, explaining that the efforts to govern investment spending have resulted in an increase in private sector investments in the first and second quarters of the current fiscal year, exceeding public investments.

 

H.E. Dr. Rania Al-Mashat had presented the statement on the economic and social development plan for the fiscal year 2025/2026 before the House of Representatives, announcing an increase in private investments to reach approximately 1.94 trillion Egyptian pounds, with a contribution of about 63% of the total, compared to 37% for public investments, in light of the state's direction to support efforts aimed at accelerating the growth rate of the private sector while stressing the principles of good governance and competitive neutrality.

 

H.E. Minister Al-Mashat also outlined the ongoing government measures to accelerate the pace of offering state-owned companies and maximize the utilization of assets through the Sovereign Fund of Egypt. She pointed to the efforts made to simplify economic reform priorities and clarify the main activities that will help the government benefit from foreign direct investments in a way that enhances sustainable economic growth and increases productivity to achieve the ambitious goals set by the state to achieve comprehensive and sustainable economic development.

On another note, "Al-Mashat" affirmed the keenness to strengthen the partnership with the Multilateral Investment Guarantee Agency (MIGA) and the International Finance Corporation (IFC) to benefit from the investment guarantee mechanism worth €1.8 billion from the European Union and activate it in a way that enhances efforts to attract foreign direct investments.

In this regard, the two sides discussed innovative financing mechanisms, especially debt swaps. The Minister of Planning and Economic Development and International Cooperation indicated that the total debt-swap programs implemented with bilateral partners amounted to about $800 million.

 

They discussed the preparations for the 4th International Conference on Financing for Development, scheduled to be held in Spain next June, and its importance as it represents a turning point in the international community's journey towards achieving development.

 

H.E. Dr. Rania Al-Mashat mentioned that she is scheduled to participate in the meetings of the United Nations Economic and Social Council (ECOSOC) in New York next week, as part of the preparations for the 4th International Conference on Financing for Development.