Minister of International Cooperation and Governor of Egypt at the World Bank Group Rania Al-Mashat participated in the spring meetings of the International Monetary Fund (IMF) and the World Bank for 2023, in Washington.
On the sidelines of the event, she met with leaders of the World Bank Group, to discuss various files of joint cooperation.
The discussions dealt with the issue of strengthening the role of the World Bank in the field of financing development and climate action in member states, reviewing requirements for the bank’s work approach and ways to enhance its role in facing development challenges.
These discussions continue until the annual meetings in Marrakech during the current year.
In this regard, the Minister of International Cooperation stated that multilateral development banks play a vital role in promoting development work with developing countries and emerging economies.
Al-Mashat said, “In light of the complex challenges facing the global economy at this time, banks are required to provide more innovative solutions and work mechanisms aimed at facing these crises and enabling countries to continue the development path.”
The two sides further discussed projects of the national platform for green projects, NWFE program, which was launched during the COP27 in Sharm El-Sheikh, as well as they discussed future steps to implement projects and transfer the Egyptian experience to member states in the North African region.
The Minister was keen to discuss ongoing preparations for the official launch of the joint country strategy between Egypt and the World Bank 2023-2027, in May, after it was approved by the Board of Executive Directors of the World Bank Group on 21 March.
She highlighted the importance of this new strategy in supporting the National Development Vision 2030 and its consistency with sectoral strategies and various presidential initiatives.
“The new strategy enhances development efforts, through its three axes, which are increasing and improving job opportunities in the private sector by creating a supportive environment for private sector-led investments. As well as, striving towards equal opportunities for the private sector, and enhancing human capital outcomes by supporting better and inclusive health and education services, besides, effective social protection programmes, and improving resilience to shocks by supporting macroeconomic management, climate change adaptation and mitigation measures,” Al-Mashat elaborated.
Furthermore, the minister discussed the ongoing development cooperation portfolio with the World Bank Group, development finances and technical support efforts in various sectors including programmes that were recently approved in cooperation with the World Bank and which enhance the state’s efforts in the field of food security, social protection, investment and trade.
The volume of the ongoing development cooperation portfolio with the World Bank includes 14 projects with a value of $7bn, distributed in several priority development sectors for the country. The cooperation portfolio between Egypt and the World Bank also includes 23 projects for technical and advisory support and capacity building.