As part of H.E.’s ongoing meetings within the activities of the 78th session of the United Nations General Assembly in New York, Dr. Rania A. Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group, met with Mr. Ajay Banga, President of the World Bank Group, who assumed his position this year.
During the meeting, they discussed efforts to enhance joint cooperation and the expected visit of the bank’s president to Egypt. This is especially in light of the close relations with Egypt as it is one of the most important countries of operations for the World Bank in the Middle East and North Africa region.
Al-Mashat referred to the annual meetings of the World Bank Group and the International Monetary Fund, scheduled to be hosted in Marrakech next month, stressing that they are being held at an exceptional time as the international community, especially for developing countries and emerging economies that are faces exceptional challenges due to the continuing geopolitical crises and the economic effects of the COVID-19 pandemic.
The Minister expressed her appreciation for the role played by the World Bank and its affiliated institutions, and its objectives in light of the new development plan to enhance shared prosperity and support developing countries and emerging economies to enhance their development efforts, stimulate private sector participation, and provide financing to enhance countries’ ability to withstand climate change and developmental challenges.
Moreover, the Minister indicated the government’s keenness to consolidate ways of cooperation with the World Bank Group in light of the new 2023-2027 Country Partnership Framework, in light of Egypt’s development priorities and its endeavor to enhance private sector participation in development, and expand programs and projects to invest in human capital and develop sustainable infrastructure, stressing that the World Bank Group is a key partner to the government in promoting development plans and stimulating private sector participation.
It is worth noting that the ongoing portfolio of development cooperation between the Arab Republic of Egypt and the World Bank Group includes 14 projects worth $6.9 billion, in the fields of education, health, transportation, social protection, renewable energy, water desalination, housing, local development, and the environment.
Mr. Ajay Banga is the 14th president of the World Bank Group, established in 1944 to assist countries affected by World War II in reconstruction efforts. It then developed from a single institution to a group that includes 5 development institutions to end poverty and promote shared prosperity, and alongside the World Bank. This targets middle-income countries, affiliated with the World Bank Group, the International Development Association (IDA) supports lower-income countries through highly concessional financing, in addition to the International Finance Corporation (IFC), which enhances efforts to participate and empower the private sector and increase its investments, the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID), which includes 189 countries represented by governors who contribute to setting the final policies of the World Bank.
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