Egypt and the World Bank have agreed on extending their strategic partnership which paves the way for entering a new phase to expand the cooperation portfolio in a number of sectors, and meets Egypt’s future development priorities.
On Wednesday, Minister of International Cooperation and Governor of Egypt at the World Bank Rania Al Mashat, held a meeting with Marina Weiss, regional director for Egypt, Yemen and Djibouti at the World Bank, prior to the start of the annual meetings of the World Bank Board of Governors, which is scheduled to start on Thursday.
The annual meetings of the World Bank are expected to witness the participation of David Malpass, President of the World Bank Group, Kristalina Georgieva, Managing Director of the International Monetary Fund, Melinda Gates, co-chair of the Bill and Melinda Gates Foundation, Axel Van Trotsenburg, Managing Director of Operations at the World Bank, and Stephanie von Friedeburg, Chief Operating Officer for International Finance Corporation.
This partnership builds on the 2015-2019 Country Partnership Framework between the World Bank and Egypt, which focuses on improving opportunities for private sector led job creation, social inclusion, and improving governance.
The extension will allow the World Bank Group to strengthen cooperation in high priority areas amid the COVID-19 pandemic, which include investing in human capital development, reducing debt burdens to attract effective investment and facilitate the changes needed for an inclusive and resilient recovery.
Focused on strengthening economic diplomacy, Al Mashat noted that the ministry of international cooperation is keen on enhancing dialogue, coordination, and regular monitoring to drive economic recovery and foster trust between development partners and the government.
The current cooperation portfolio between Egypt and the World Bank Group amounts to around $8 billion in a variety of sectors.
Most recently, Al Mashat announced that the World Bank approved a new $200 million project to improve air quality, combat climate change, reduce emissions, and improve solid waste management in Greater Cairo.