During the G20 Development Ministerial Meeting held in Rio de Janeiro, Brazil, World Bank President Ajay Banga congratulated Dr. Rania Al-Mashat on her recent appointment as Egypt's Minister of Planning, Economic Development, and International Cooperation. This meeting marked Dr. Al-Mashat's first official engagement following the merger of Egypt's Ministry of Planning and the Ministry of International Cooperation.
Dr. Rania Al-Mashat, who also serves as Egypt's Governor at the World Bank, emphasized the importance of the strategic partnership with the World Bank in achieving Egypt's development goals. She highlighted the World Bank’s critical role in supporting economic stability and advancing human capital. This collaboration aims to enhance Egypt’s competitiveness and support macroeconomic stability through various developmental projects and programs.
The merger of the ministries is a strategic move to enhance coordination with the World Bank and other development partners. Dr. Al-Mashat noted that this consolidation will streamline efforts across different governmental bodies, improving the management of cooperation at both sectoral and geographic levels. This aims to maximize the developmental impact of projects and programs across Egypt.
The discussion also covered Egypt's strategic priorities, aligning with the government’s program to advance human capital, localize industry, and encourage investments in productive and export sectors. These efforts are part of Egypt’s Vision 2030, aimed at boosting private sector growth, creating job opportunities, and investing in health and education.
A focal point of the meeting was the World Bank’s Development Policy Financing (DPF) program. In June, the World Bank approved the first tranche of $700 million to support Egypt’s structural reforms. These reforms are designed to stimulate private sector involvement, build fiscal resilience, enhance economic competitiveness, and support green transformation. The meeting also highlighted the importance of continuing these structural reforms and the role of diagnostic and analytical reports in providing economic insights and current situation analyses.
The International Finance Corporation (IFC) was highlighted for its role in providing innovative financing to the private sector. The IFC has committed over $9 billion across various developmental sectors in Egypt, making it one of the largest operations countries for the IFC. Key projects include financing private sector initiatives in energy and partnering with the Sovereign Fund and the European Bank for Reconstruction and Development on the desalination program in Egypt.
The broader impact of the World Bank’s reform efforts on the global financial system was also addressed. These reforms aim to provide innovative and sustainable financing mechanisms for developing and emerging countries. Dr. Al-Mashat emphasized the importance of the G20 Development Ministerial meetings in accelerating sustainable development goals. Notably, the World Bank announced its participation in the global alliance against hunger and poverty, launched by the G20.
In March, the World Bank Group announced a $6 billion financing package over the next three years to support Egypt's economic reform program and empower the private sector.
Dr. Al-Mashat reaffirmed Egypt’s commitment to the strategic partnership with the World Bank, emphasizing the role of concessional financing, technical support, and advisory services in achieving the country's developmental goals. The collaboration between Egypt and the World Bank continues to be a cornerstone for driving economic growth and stability.
Follow the latest news on Google News
