Minister of International Cooperation highlights World Bank’s role in development financing – Egypt Today

Minister of International Cooperation highlights World Bank’s role in development financing – Egypt Today

CAIRO - 16 April 2024: The Minister of International Cooperation, Rania Al-Mashat discussed the ongoing efforts to develop the World Bank Group’s business model, stressing the importance of these efforts in expanding the scope of development financing in light of the enormous need for financing to meet the goals of the World Bank Group, including sustainable development, as well as maximizing the World Bank’s role in confronting poverty, promoting shared prosperity, and increasing resilience to shocks.

 

The Minister also discussed topics including the development policy financing program, cooperation in various fields such as attracting foreign investment and promoting industrial development, and support for social protection initiatives. The discussions covered climate action, women's empowerment, transportation sector involvement, and technical support in financial management. 

 

The World Bank Group has committed a $6 billion financing package to Egypt over three years, focusing on economic reform and private sector empowerment. The ongoing development cooperation portfolio between Egypt and the World Bank Group exceeds $8 billion, including $6 billion from the International Bank for Reconstruction and Development, $1.9 billion from the International Finance Corporation, and $500 million in guarantees to the private sector from the Multilateral Investment Guarantee Agency.

 

Al-Mashat also discussed regional and international challenges and their