During a meeting in Cairo with World Bank Group President Ajay Banga, President El-Sisi stated that the continuation of the war could drive up prices, increase energy costs, disrupt Red Sea navigation, and impact the security and stability of the region as well as the well-being of its people.
He noted that the Israeli war in Gaza has cost Egypt about $10 billion in lost Suez Canal revenues over the past two years, according to a presidential statement.
El-Sisi also highlighted the economic strain of hosting an estimated 10.5 million foreign nationals who have fled conflicts in neighbouring countries, noting that they receive public services similar to those of Egyptian citizens without matching international financial support.
The president briefed Banga on Egypt’s efforts to contain current regional tensions, stressing Cairo’s firm stance calling for resolving crises through peaceful means.
WB partnership
El-Sisi and Banga also discussed the strategic partnership between Egypt and the World Bank, with El-Sisi praising the bank's backing of national efforts towards sustainable development and ongoing economic reform programmes.
He outlined steps the government has taken to strengthen the economy amid international and regional challenges, including collaboration with the International Monetary Fund to restore stability, control the state budget, curb inflation and public debt, and expand the private sector’s role in growth and investment.
The president also emphasized Cairo's goal of deepening cooperation with the World Bank in areas aimed at improving living standards, highlighting national initiatives such as the Decent Life (Hayah Karima) rural development project and the Solidarity and Dignity (Takaful and Karama) cash support programme.
El-Sisi said both schemes are part of Egypt's efforts to achieve the UN Sustainable Development Goals (SDGs), according to the statement.
For his part, Banga expressed appreciation for decades of cooperation with Egypt and praised ongoing coordination on development projects in social protection, health, food security, and climate change.
He also commended Egypt’s efforts to attract foreign investment and stimulate economic growth.
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