Al-Mashat Discusses Cooperation With World Bank’s Country Director

The Minister of International Cooperation Rania Al-Mashat met with Marina Wes, the World Bank Group’s Country Director for Egypt, Yemen and Djibouti, to discuss future areas of cooperation with the World Bank and the ongoing portfolio of projects, as well as the current negotiations within the framework of the development policies financing framework and the second phase of the structural reforms that the Government of Egypt is implementing.

The meeting comes within the framework of the periodic meetings Al-Mashat holds with multilateral and bilateral development partners, to develop and support economic relations between Egypt and its partners, advancing Egypt’s Vision 2030 and supporting the UN’s 2030 Sustainable Development Goals (SDGs).

During the meeting, they discussed current projects that are implemented within the framework of the strategic partnership between Egypt and the World Bank in 2021. Last March, the World Bank approved a development financing worth $400 million to support Egypt’s plan to develop the infrastructure of the transportation sector and enhance its sustainability through developing the country’s railways.

They also tackled the development of the ongoing negotiations with the World Bank Group on obtaining development policy financing to support the second phase of structural reforms that the Government of Egypt seeks to implement to achieve economic growth; which is based on three pillars: enhancing financial sustainability, pushing for green recovery, enhancing private sector’s engagement in development efforts, and enhancing women’s engagement in the economy.

Al-Mashat applauded the successful cooperation between Egypt and the World Bank, which supports Egypt’s efforts to achieve development across several sectors, including transportation, housing and utilities, environment, health, and many other fields of cooperation. Al-Mashat also noted that in 2020, the development financing agreements signed with the World bank across different sectors amounted to $1.5 billion.

Al-Mashat referred to the Ministry of International Cooperation's keenness to strengthen economic relations with multilateral and bilateral development partners, to support the implementation of Egypt's Vision 2030 and to advance the achievement of the UN Sustainable Development Goals (SDGs). The Minister emphasized the necessity of optimizing economic relations with development partners to be able to achieve the SDGs in less than a decade, aiming to improve the people’s livelihoods.

For her part, Marina Wes, the World Bank Group’s Country Director for Egypt, Yemen and Djibouti, praised cooperation with Egypt as a strategic partner, and expressed her aspiration for more cooperation programs in order to support development plans. Wes also applauded the Ministry of International Cooperation’s role in coordinating between several governmental entities to implement effective cooperation programs.

The Ministry of International Cooperation and the World Bank share a portfolio of $5.4 billion, encompassing transportation, education, housing, health, social safety nets, and Small and Medium-sized Enterprises. The portfolio of cooperation is in line with the UN’s SDGs, namely SDG 1: No Poverty; SDG 3: Good Health & Well-Being; SDG 4: Quality Education; and SDG 5: Gender Equality.