Cooperation portfolio bet. Egypt, World Bank encompasses 15 development projects, amounting to $5.4B

CAIRO – 19 August 2021: Egypt and the World Bank share a portfolio of $5.4  billion, working on the development of several sectors such as transportation, education, housing, health, social safety nets, petroleum, housing, sanitation, local development and environment, according to Minister of International Cooperation Rania Al-Mashat.

This came during Al-Mashat’s meeting with Ayat Soliman, Regional Director of the World Bank Group's Sustainable Development Department for the Middle-East and North Africa (MENA) region, on her visit to Egypt, to discuss joint relations between the Government of Egypt and the World Bank Group (WBG) that aimed to achieve sustainable development across several fields.

They also discussed national efforts that push for combating climate change, empowering women, and developing rural communities. This meeting came during the participation of Marina Wes, the World Bank Group’s Country Director for Egypt, Yemen and Djibouti; Robert Bou Jaoude, the World Bank Operations Manager for Egypt; and several officials from the World Bank’s office in Egypt.

This meeting came within the framework of the periodic meetings Minister Al-Mashat holds with multilateral and bilateral development partners, to discuss means of strengthening joint cooperation, and to bolster Egypt’s regional and global economic cooperation, through development financing agreements, and the provision of technical support; pushing forward Egypt’s development agenda and the UN’s Sustainable Development Goals (SDGs).

The discussion encompassed several pressing issues, such as climate change and the efforts of the government that is backed up by relevant authorities and development partners to combat it and overcome its repercussions and to prepare an integrated national strategy. They also delved into the achievements accomplished in the field of gender equality, which is a key pillar of the World Bank's financing development policies. Furthermore, the development of the Suez Canal axis was discussed, and the Upper Egypt Development Program was mentioned as it is an exemplary model in the development of rural communities.

Al-Mashat emphasized the importance of the joint cooperation with the World Bank, and the joint efforts exerted with the Government of Egypt to implement strategic projects across various sectors, in order to advance towards the achievement of Egypt’s Vision 2030 and the UN’s SDGs. The Minister added that adapting to climate change and adopting a green recovery strategy are among the most important pillars of focus in the development portfolio between the Ministry of International Cooperation and the World Bank.

The Minister added that Egypt plays a key role in the regional transition towards a green economy, explaining that the Egyptian Government is planning for more partnerships, and is keen on integrating climate action into the development strategies so as to promote private and foreign investments in transitioning towards a green economy.

Al-Mashat pointed out several projects implemented by joint forces between national authorities and the World Bank in implementing climate action projects, namely the ‘Greater Cairo Air Pollution Management and Climate Change’ project that is worth $200 million; the project is focused on reducing harmful gas emissions. This is in addition to the ‘Organic Pollutants Management’ project that is worth $8.1 million.

She expressed that the future holds key opportunities for deepened cooperation and partnerships with international institutions to promote climate action in Egypt, as the Government is keen on building back better for a more sustainable future and the private sector is hungry for more green projects and initiatives.

For her part, Ayat Soliman, Regional Director for the World Bank Group's Sustainable Development Department for the Middle-East and North Africa (MENA) region, affirmed that investing in sustainable development can unlock several job opportunities and would stimulate economic growth, adding that the World Bank plays a key role in supporting its operating countries to build climate-sensitive economies. She also praised the country's strategy and efforts in facing climate change, expressing that the World Bank is continuously keen on providing support to advance the national strategy that is in line with the global sustainability targets.

Soliman mentioned the importance of the Upper Egypt Local Development Program (UELDP) that targets the governorates of Qena and Sohag. The project is funded by the World Bank with development financing worth $500 million. She applauded the program’s achievement for the international acclaim it received, along with it being selected by the United Nations Department of Economic and Social Affairs (DESA) among the best practices that achieve sustainable development.

Al-Mashat has met with Minister of Environment Yasmine Fouad to discuss the World Bank’s Country Climate and Development Report (CCDR), and to examine ways to enhance cooperation with development partners regarding national efforts in combating climate change, reducing carbon emissions, and financing mechanisms for Egypt's efforts to stop climate change.