World Bank President commends Egypt’s reforms during meeting with Al-Mashat

Cairo – October 24, 2024: President of the World Bank (WB), Ajay Banga, praised Egypt’s ongoing economic reforms and the creation of state-led investment platforms, emphasizing Egypt’s position as a leading partner for the World Bank, during a meeting with Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat.

Held on the sidelines of the WB annual meetings in Washington on Thursday, their meeting discussed private sector financing, capital market development, and restructuring the global financial system.

Banga highlighted initiatives like the “NWFE” platform, which promotes climate investments in adaptation and mitigation efforts, and the “Hafiz” platform that fosters private sector participation.

These projects, Banga noted, reflect Egypt’s commitment to driving sustainable development and climate action.

The discussions, held during the annual World Bank meetings in Washington, centered on enhancing Egypt’s partnership with the World Bank to bolster economic development and address regional and global challenges.

Al-Mashat expressed her gratitude for the World Bank’s continued support, underscoring Egypt's dedication to advancing their collaboration to bridge development financing gaps, and calling on the WB to develop predictive economic models to assist developing nations in crafting effective growth strategies amidst global challenges.

She stressed the importance of leveraging the World Bank's diagnostic reports and analytical tools to create evidence-based policies, aimed at accelerating economic growth.

A key topic of discussion was Egypt’s focus on private sector empowerment, with Al-Mashat pointing to the collaboration with IFC and the Multilateral Investment Guarantee Agency (MIGA) as crucial to enhancing financial mechanisms available to private enterprises in Egypt.

Al-Mashat stressed the urgency of reforming the global financial architecture to better support emerging economies, particularly in light of escalating global crises.

She welcomed the progress made on the World Bank Group’s roadmap for reform, including the launch of a unified guarantees platform and a grant preparation facility trust fund, both vital steps in supporting sustainable development policies.

The meeting also explored the J-CAP program, a joint initiative by the IFC to develop capital markets across 18 countries, with a focus on boosting Egypt’s capital market. The two sides discussed future joint projects, particularly in governance and development financing, and the upcoming National Strategy for Foreign Direct Investment, which is being finalized in cooperation with Egypt’s General Authority for Investment.

Egypt’s current partnership portfolio with the World Bank includes 12 projects worth $5.5 billion, spanning key sectors such as education, healthcare, transportation, and social solidarity.