Egypt has been chosen as the vice head of the World Bank (WB) Board of Governors for Africans for 2017, Egypt's Ministry of Investment and International Cooperation announced on Thursday.
According to a statement by Minister Sahar Nasr, the new position paves the way for Egypt to head the board in 2018. The board is now headed by Benin.
Nasr said that the position places Egypt "at the core of the ongoing international commercial discussions over the means of enhancing the role of international financial institutions, topped by the WB, while facing challenges like poverty, enhancing the standard of living for lower-income groups and enhancing the private sector's role in society."
The Board of Governors for Africans was established in 1963 and is considered the main platform that allows African countries to coordinate their positions on various issues, included in the biannual meetings of the WB and the IMF.
The board aims to advance African interests, especially with regard to economic issues of priority such as combating poverty, supporting developmental financing policies and the efforts of attracting foreign investments and focusing on the social dimension in the economic development.