Egypt, World Bank forge deeper partnership to drive sustainable development

CAIRO - 29 September 2023: Egyptian Minister of International Cooperation and Governor for Egypt at the World Bank, Dr. Rania Al-Mashat, held an extensive workshop today in collaboration with the World Bank's office in Egypt. The workshop, attended by Stephane Guimbert, the Regional Director for Egypt, Yemen, and Djibouti, as well as Sherif Hamdi, Director of Operations, and other key officials, aimed to oversee the implementation of ongoing projects in alignment with Egypt's new 2023-2027 national strategy. It also sought to enhance coordination with the World Bank's periodic missions for project assessments, discuss preparations for the annual bank meetings, and outline the roadmap for developing the World Bank's role.

At the outset of the meeting, Dr. Al-Mashat emphasized the importance of international partnerships between Egypt and the World Bank, a prominent multilateral development partner. These collaborations are instrumental in advancing Egypt's development vision and national priorities across various sectors. Notably, these priorities include boosting investment in human capital, sustainable infrastructure development, private sector empowerment, as well as the preparation of diagnostic reports in areas of mutual interest, such as climate and development.

Furthermore, Dr. Al-Mashat elaborated on Egypt's new 2023-2027 national strategy, which focuses on three key pillars: enhancing private sector job opportunities, ensuring equal opportunities for the private sector, and investing in human capital through improved healthcare and education services for all. The strategy also emphasizes effective social protection programs and measures to enhance resilience in the face of shocks, including support for macroeconomic management, climate change adaptation, and mitigation. She stressed the importance of translating the findings from these reports into actionable projects to maximize their impact.

The World Bank team presented an overview of the current development portfolio with Egypt, which includes 14 projects valued at $6.9 billion. These projects span various sectors, including education, healthcare, sustainable infrastructure, social protection, social housing, local development, financial sector, and the environment. The alignment of these projects with the new 2023-2027 national strategy was discussed in detail during the meeting, along with the implementation specifics.

In this context, the World Bank officials highlighted the evolving operational and financial roadmap of the World Bank to enhance its role in addressing current global situations and development challenges facing member countries. The development of the World Bank's role is particularly relevant to Egypt, as the plan aims to increase the bank's focus on development financing priorities and financial commitments to support global development efforts. The expansion of the World Bank's role enhances Egypt's leadership in climate action, especially as it assumes the presidency of the COP27 climate conference and launches the "Noufi" program as a national platform aligned with the state's priorities.

The workshop underscores the longstanding and productive collaboration between Egypt and the World Bank, reinforcing their commitment to sustainable development and their shared vision for a prosperous future.