On the sidelines of the United Nations General Assembly (UNGA74), President Abdel Fattah El Sisi met with President of the World Bank, David Malpass. It is worthy to note that the two met in Cairo last May during Malpass first foreign tour as President of the World Bank.
In New York, President Sisi emphasized Egypt’s commitment to continuing dialogue and consultations with the World Bank and to enhancing their fruitful relations, while taking into consideration Egypt’s needs, priorities and supporting the state’s development efforts, given the fact that the bank is one of Egypt’s key partners in development.
Malpass lauded Egypt’s ability to overcome many hardships it encountered over the past years. Also, he commended its success in implementing the economic reforms, which led to an improvement in the various economic indicators.
The President of the World Bank, in the UNGA74, confirmed the bank’s keenness on strengthening the frameworks of cooperation with Egypt, notably in projects covering a wide range of areas, including infrastructure, transport, energy, education, technical training, health, boosting the private sector in addition to micro, small and medium-sized enterprises.
The meeting reviewed the positive economic developments in Egypt.
President Sisi noted that Egypt has taken huge steps at the economic reform level, the implementation of mega developmental projects, as well as the empowerment of women and youth.
He confirmed that these successes were achieved due to the security as well as economic and political stability which were established with the support of the people of Egypt.
President Sisi asserted that the state will continue the necessary measures to expand the social security nets so as to mitigate the impact of the economic reforms.
Moreover, he noted that social solidarity and the comprehensive protection of the neediest segments is a fundamental aspect of the national reform program.
The President of the World Bank affirmed the bank’s position in support of Egypt’s development and reform programs as a model to be emulated in the region and among developing countries.
He asserted that Egypt is a country with one of the highest GDP growth rates, not only in the region but in the world, including major developed and emerging economies.
Malpass also highlighted an increase in investment injection and foreign currency transfers to Egypt, which demonstrate growing international confidence in the Egyptian economy, despite the global economic slowdown and the turbulent political milieu in the Middle East and North Africa, surrounding Egypt.
The meeting was held as the two leaders attending the UNGA74 tackled ways to strengthen cooperation between Egypt and the World Bank group to achieve development in Africa, notably during Egypt’s chairmanship of the African Union this year.
This shall be taking place by supporting financing for development policies to achieve comprehensive growth in Africa, support all African countries and coordinate the countries’ positions at international financing institutions.
This is in addition to establishing joint regional projects that contribute to the upgrading of infrastructure, enhancing integration among African countries, and increasing trade and joint investments.