Egypt, World Bank discuss priorities on framework of strategic partnership 2023/27

CAIRO – 17 April 2022: Minister of State for International Cooperation Rania al-Mashat discussed Saturday with the World Bank representatives the framework of the strategic partnership between the country and the UN organization in the period from 2023 to 2027.  

 Minister Mashat asserted that the articulation of the next framework comes in an intricate time, where the government vies for recovery from the economic impact of COVID-19 pandemic while reinforcing mechanisms of comprehensive and sustainable growth.  

Targets also include enhancing ways of facing global emergencies; optimally preparing for COP 27 to be hosted in Sharm El Sheikh next November; and, accomplishing mega national projects as well as presidential initiatives, mainly Decent Life initiative.

The minister said that Egypt is keen on acquiring help from the World Bank to stimulate growth in job creation by the private sector, bolster women empowerment, and improve the outcome of inclusion, human capital productivity, resilience in face of crises, governance, and regional integration.

The World Bank team presented in the meeting the stages of preparing the cooperation framework; recommendations of the diagnostic and methodological studies conducted by both the international entity and the government; and updates on the climate and development country report that is still under-progress but will be launched later in 2022.

That report is aimed at the identification of gaps, on the market, policy, and institutional levels, composing a challenge to Egypt's endeavors to achieve transition into green economy.

The size of the current funding portfolio between Egypt and the World Bank is $5.5 billion directed towards 15 projects in the sectors of transportation, education, housing, healthcare, social protection, petroleum, wastewater, environment, social protection networks, and public services.

Further, the World Bank Group's International Financing Corporation (IFC) made available funding worth $719 million to the private sector in FY2020/2021.

The press statement issued by the ministry underscored that the previous framework of cooperation has been implemented with a budget of $360 million provided by the World Bank aiding Egypt execute structural reforms.

The meeting was also attended by the representatives of over 20 ministries as joint cooperation includes the realms of green transformation, economic and structural reforms, and expanding the participation of the private sector in development.