Egypt, WB, IFC Discuss Enhancing Cooperation

Egypt’s Foreign Minister and Minister of International Cooperation Badr Abdelatty met on Sunday, with senior officials from the World Bank (WB) and the International Finance Corporation (IFC) to explore ways of strengthening cooperation and supporting economic development.

According to the Ministry of Foreign Affairs, Abdelatty reviewed follow-up on the outcomes of recent IMF and WB meetings in Washington, expressing appreciation for the long-standing partnership with the World Bank Group.

Abdelatty hailed the IFC’s role in supporting Egypt’s development efforts led by the private sector and economic reform, stressing the importance of translating reforms into tangible investments that promote sustainable development.

He also highlighted plans to build on the outcomes of the World Bank President’s visit to Cairo in March and expand cooperation in health, water, energy, food security, and digital transformation, welcoming the implementation of the second phase of the Development Policy Financing program worth $1 billion.

He affirmed Egypt’s interes in launching a third phase and maximizing benefits from the 2023–2027 Country Partnership Framework.

The minister reiterated Egypt’s commitment to continuing its comprehensive economic reform program, noting efforts to develop the state-owned companies offering program and expand the number of companies included.

He further affirmed that empowering the private sector remains a top government priority, with efforts underway to improve the investment climate through tax and customs incentives and digitalizing services.

He expressed Egypt’s keenness to expand cooperation with the IFC in electricity, tourism, agriculture, and small and medium-sized enterprises, and exploring collaboration with the Multilateral Investment Guarantee Agency to support state-owned companies and optimize asset utilization.

In turn, WB Vice Presidents praised Egypt’s economic and structural reform package and its economic performance amid regional and global challenges, noting its contribution to financial and monetary stability, improved investment conditions, and strengthened social protection.