Egypt’s cooperation portfolio with World Bank has reached $5.9 billion: PM Madbouly

Ahram Online , Monday 6 Jun 2022

Prime Minister Mostafa Madbouly said on Monday that Egypt and the World Bank (WB) have a fruitful partnership, where the value of their cooperation portfolio has reached $5.9 billion in various areas, including health, transportation, and the environment.

Egypt s PM Mostafa El-Madbouly in his meeting with the World Bank s executive directors delegation in Cairo on Monday (Photo : Egyptian Cabinet)

In a meeting with a delegation from the WB’s executive directors in Cairo, PM Madbouly said that the WB is a very important partner for Egypt, and expressed hope that this visit will yield tangible results and further cooperation between the two sides.

Madbouly told the WB delegation that Egypt is facing huge challenges, including having to provide 1 million job new opportunities annually for its population, which needs huge investments.

The prime minister added that since starting to carry out national megaprojects since 2014, Egypt has been able to provide 5 million job opportunities.

He also said that following the completion of the country’s infrastructure and megaprojects, there will be a new phase for economic reform to revitalise the role of the private so it can be the “main engine” for development projects.

Madbouly also reviewed upcoming steps to be taken by the Egyptian government to adapt to the global economic crisis, including preparing the State Ownership Policy Document to delineate the state's presence in economic sectors to increase the participation of the private sector.

Madbouly also stressed the importance of continuing the talks on the Development Policy Financing (DPF) loan program between Egypt and the WB as soon as possible considering the global economic situation.

The DPF program aims to finance development policies to achieve recovery after the coronavirus pandemic and to boost sustainable and comprehensive growth in Egypt.

“The Egyptian government has successfully implemented all the required measures to continue the DPF project,” he said, adding that the Egypt is waiting for updates from the WB regarding the continuation of the program.

The Egyptian PM also welcomed the current consultation to prepare a framework of strategic partnership for the next five years (2023/27), adding that this framework will focus on several issues including creating job opportunities in the private sector as well as women’s empowerment in all sectors.

The PM also discussed the National Strategy for Climate Change 2050, which was launched by Egypt last month to achieve sustainable economic growth by reducing CO2 emissions and adapting to climate change.

“This strategy needs financing to achieve its goals,” he said.

Madbouly added that Egypt aims to benefit from its presidency of the UN Climate Change Conference (COP27) – which will be held in Sharm El-Sheikh in November – to boost the partnership between the public and private sectors and achieve a fair transition towards a green economy.

Minister of International Cooperation Rania El-Mashat, who also attended the meeting, spoke about the discussion roundtable that was held between the WB delegation and several ministers to discuss the economic reforms and structural reform program adopted by the Egyptian government.

El-Mashat also revealed that there will soon be a new round of consultation between Egypt and the WB about the new strategic partnership.

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