Al-Mashat,WB Regional Director Discuss Efforts to Encourage Investment, Drive Economic Development & Growth

Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with a delegation from the World Bank Group, headed by Ms. Meskerem Brhane, Regional Director for Sustainable Development in the Middle East and North Africa Region of the World Bank; in the presence of Mr. Stephane Guimbert, Country Director for Egypt and Yemen at the World Bank; Mr. Laurent Debroux, Program Leader Sustainability Development; and Ms. Maria Sarraf, Practice Manager Environment for the Middle East at the World Bank, to discuss strengthening cooperation and the status of ongoing development cooperation projects between the two sides.

During the meeting, H.E. Dr. Rania A. Al-Mashat emphasized the depth of relations between Egypt and the World Bank, affirming the government's aspiration to enhance joint cooperation with the Bank in various fields in light of its efforts to develop sustainable and green infrastructure, pointing to the various projects being implemented with the Bank in vital areas such as transportation, renewable energy, and other sectors.

Dr. Al-Mashat explained that the new government program aims to create a competitive economy that attracts investments. 

In this regard, the Ministry of Planning, Economic Development, and International Cooperation is working to drive sustainable economic growth and achieve integration between local resources and international partnerships to achieve economic development.

Regarding the new framework for the Ministry of Planning, Economic Development, and International Cooperation, Dr. Al-Mashat confirmed that the framework focuses on achieving sustainable economic growth, placing "quality growth" at the top of its priorities, noting that the framework based on three main drivers: utilizing data-driven and evidence-based policies to address sectoral development gaps, building a resilient economy, and improving resource allocation, adding that the framework will be implemented through multi-stakeholder participation, supported by national coordination and international cooperation, including relevant ministries, governorates, governmental entities, international financial institutions, specialized UN agencies, the private sector, NGOs, and think tanks.

The two sides discussed the developments in ongoing cooperation with the World Bank Group, which includes several areas, including the foreign direct investment (FDI) strategy, the industrial development strategy, and trade enhancement strategies currently being prepared by the bank in coordination with the ministry and national entities, which contribute to improving the business environment and competitiveness and are crucial for local and foreign direct investment, with a focus on job creation and its linkage to macroeconomic issues.

Regarding ongoing and future projects with the World Bank, Dr. Al-Mashat pointed to ongoing projects in the environmental sector, including the Greater Cairo Air Pollution Management and Climate Change Project, as well as other projects in the field of sanitation, in addition to future cooperation in the field of blue economy and technical support to national entities, within the framework of the government's efforts to integrate environmental dimensions into the implementation of national development plans to enhance sustainability and enable the state to balance development and climate action.

The two parties also discussed cooperation between Egypt and the World Bank regarding the "NWFE" program. The meeting also addressed cooperation in the field of climate action and achieving low-carbon development, in addition to collaboration between the Ministry of Planning, Economic Development and International Cooperation and the Climate Investment Fund (CIF) of the World Bank Group to implement the Nature, People and Climate (NPC) Initiative in partnership with the Fund, and to follow up on the results of the mission that recently ended in 2024 regarding the technical discussions to prepare the implementation plan for the Climate Investment Fund (CIF) initiative "Investing in Nature, People, and Climate (NPC)," with the aim of utilizing the allocated funding to the initiative to implement projects related to the country platform for the "NWFE" program.

The initiative will focus on key areas: Climate-Smart Agriculture, Agribusiness and Agricultural Finance, Coastal Ecosystems, and Stimulating Private Sector Participation as a common pillar.