Egypt has welcomed the implementation of the second phase of a $1bn development policy financing programme with the World Bank and is looking forward to launching a third phase, Foreign Minister Badr Abdelatty said on Sunday.
The announcement came during Abdelatty’s meeting with World Bank Vice President for the Middle East and North Africa Ousmane Dione and International Finance Corporation (IFC) Vice President for Africa Ethiopis Tafara to discuss enhancing cooperation and supporting economic development.
During the meeting, Dione praised Egypt’s economic performance, noting that the economy has shown resilience against the fallout of regional escalation thanks to structural reforms and the adoption of a flexible exchange rate. He added that the government’s reforms have bolstered financial and monetary stability, improved the investment climate, and supported economic empowerment and social protection.
Abdelatty outlined the government’s commitment to continuing its comprehensive economic reform programme, highlighting the development of the state IPO programme and the expansion of its listed companies. Empowering the private sector is a top government priority, he said, noting that the state is creating an attractive investment environment through tax and customs incentives and the digitisation of services.
The foreign minister also stressed the importance of building on the outcomes of the World Bank President’s visit to Cairo in March. He called for expanding cooperation in health, water, energy, food security, and digital transformation, while maximising the benefits of the 2023-2027 strategic partnership programme.
Additionally, Abdelatty expressed a desire to broaden cooperation with the IFC in the electricity, tourism, and agriculture sectors, as well as in small and medium-sized enterprises. He also discussed opportunities to collaborate with the Multilateral Investment Guarantee Agency to support state-owned enterprises and maximise asset utilisation.
