Egypt Strengthens Global Partnerships During World Bank Annual Meetings

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt’s Governor at the World Bank, held two meetings with Mr. Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA), one of the institutions affiliated with the World Bank Group, H.E. also met with Ms. Annika Eriksgard, Director for Financial and Economic Affairs at the European Commission.

The meetings discussed developments in cooperation regarding the expansion of private sector guarantees, in addition to following up on strategic partnerships between Egypt and the European Union. 

The meetings took place during the annual meetings of the World Bank Group Annual Meetings in Washington, D.C.

Multilateral Investment Guarantee Agency (MIGA)

During her meeting with the Vice President of MIGA, Dr. Rania Al-Mashat emphasized Egypt’s keenness to enhance joint relations with the Agency in light of its significant role in financing the private sector through the provision of investment guarantees that contribute to increasing foreign direct investment across many vital sectors.

H.E. highlighted the importance of expanding the scope of guarantee in the domestic market, whether through the Unified Guarantee Platform launched by the World Bank Group, or the European Union’s Investment Guarantee Mechanism valued at €1.8 billion, explaining the necessity of integration between various mechanisms and platforms to maximize the benefit for Egypt’s private sector from these financial tools.

The meeting discussed the evolution of MIGA’s guarantee portfolio in Egypt since the Agency began operations in 2012, with total investment guarantees for the private sector reaching approximately $709 million across around 15 projects in the sectors of energy, infrastructure, manufacturing, and renewable energy.

Al-Mashat further underscored the importance of the Guarantee Platform launched by the World Bank in July 2024, which aims to integrate the guarantees provided by MIGA, the International Finance Corporation (IFC), and the International Bank for Reconstruction and Development (IBRD) into a single platform to provide innovative financial solutions for the public and private sectors. H.E. explained that the platform contributes to simplifying various financing mechanisms, maximizing the use of available capital for development efforts in emerging markets, and enabling developing countries to attract long-term investments in diverse development sectors.

European Commission

In another context, the Minister of Planning, Economic Development and International Cooperation met with Ms. Annika Eriksgard, Director for Financial and Economic Affairs at the European Commission, in the presence of Mr. Ahmed Kouchouk, Minister of Finance, to discuss preparations for the upcoming Egypt–EU Summit to be held in October, as well as preparations for the completion of the second phase of the Macro-Financial Assistance (MFA) mechanism with the European Union, worth €4 billion.

The meeting also addressed developments in the Egypt–EU Strategic Partnership, with Al-Mashat reaffirming ongoing coordination with national entities and the European Union on implementing the economic aspect of that partnership.

It is worth noting that Dr. Rania Al-Mashat announced in December 2024 that the European Commission had approved the disbursement of €1 billion in financing to Egypt as part of the Macro-Financial Assistance (MFA) mechanism.