World Bank contributes to financing 175 projects worth $25 bn

Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at World Bank Group, said that Egypt has close historical relations with the World Bank that are built on year by year.

As it is considered one of the founding countries of the Bank since 1945, and over the decades, relations developed between Egypt and the World Bank Group and grew until the World Bank became one of the most important multilateral development partners in Egypt, as well as its permanent and effective contribution to supporting national development priorities in various fields.

This came during her speech of the strategic partnership framework between Egypt and the World Bank 2023-2027, which was witnessed by Dr. Mostafa Madbouly, the prime minister.

Attended by ministers of petroleum and mineral resources, finance, planning and economic development, transport, supply and internal trade, environment, social solidarity, communications and information technology.

In addition to water resources and irrigation, trade and industry, manpower, local development, petroleum and mineral wealth, health and population, and justice.

Also Ferid Belhaj, Vice President of the World Bank for the Middle East and North Africa, and Stephane Cobrel, Director of Strategy and Operations in the Office of the Vice President of the World Bank for the Middle East and North Africa.

Marina Wess, Regional Director for Egypt, Yemen and Djibouti at the World Bank, Cheick Oumar Sylla, Regional Director for North Africa, and Nader Mohamed, Regional Director for Equitable Growth, Finance and Institutions at the World Bank.

In addition to 200 representatives, members of the House of Representatives and US Senate, heads of economic bodies and civil society organizations.

The Minister of International Cooperation stated that the World Bank, since the beginning of its relationship with Egypt, has contributed to financing more than 175 projects in different Egyptian governorates, with values ​​exceeding $25 bn.

She also indicated that the joint relations are not limited only to development cooperation, but there are Egyptian experiences that have influenced the work of World Bank since its begiging to support development efforts at the international and regional levels, they held high-level positions in the bank and its subsidiaries, and participated directly in the development of the World Bank Group. Institutionally and operationally.

Perhaps the most prominent of these names is the Egyptian economist, Dr. Ibrahim Shehata, who held the position of First Vice President of the World Bank from 1983 to 1998.

Egypt actively participates in formulating a future road map to to stimulate and develop the World Bank Group's activities to build resilience and support development and growth efforts.

In order to develop more effective solutions to end extreme poverty and enhance common prosperity by promoting sustainable, and comprehensive development, in line with the Bank's main message, and these efforts coincide with the appointment of Ajay Banga, the new President of the World Bank.

Al-Mashat noted that the new partnership framework has 3 main objectives:

Increasing job opportunities in the private sector by creating and supporting an enabling environment for sector-led investments.

Promoting investment in human capabilities and improving human capital outputs in all governorates by supporting and providing distinguished services without discrimination in various sectors.

The Partnership Framework seeks to enhance resilience to shocks by improving macroeconomic management and strengthening capacities to adapt to climate change.

framework includes two interrelated axes to support these goals, the empowerment of women and the promotion of participatory governance and transparency.

Al-Mashat stressed that the Ministry of International Cooperation was keen, during the preparation of the new framework, to enhance the participation of the various national authorities, in addition to the relevant parties from the private sector, civil society, academics and intellectuals, in formulating and preparing the country strategy in cooperation with the technical team of the World Bank Group.

Moreover, The Minister reviewed the ongoing development cooperation portfolio with the World Bank Group, which includes 15 projects in various sectors, including education, health, transportation, social solidarity, petroleum, housing, sanitation, food security, local development, and environment, with a total value of about $7 bn, in addition to 23 projects for technical and advisory support and capacity building.

She mentioned some examples of implemented projects that had a great impact on development efforts, including the project to deliver natural gas to homes.

Which directly contributed to extending the natural gas network to more than 11 governorates nationwide, and more than 15 million housing units benefited from it.

She also added that the investment portfolio of IFC, which is the World Bank for financing the private sector, amounts to  $1.3 bn in several priority sectors, such as renewable energy, construction, the financial sector, industry, education, and health.

The portfolio of guarantees of MIGA for the private sector amounted to & 480 mn, including the recent guarantees to support the investments of Scatec International Company to implement several renewable energy projects in Egypt.

she continued, keenness to achieve the national goals related to creating and supporting a society of science and knowledge, the Ministry participated, in cooperation with all relevant national authorities, in the launch of the World Bank Group for several diagnostic reports, such as Systematic Country Diagnosis (SCD).

And also Country Private Sector Diagnostic (CPSD) in 2020, and the report on reviewing

Egypt Public Expenditure Review for Human Development Sectors, and world bank launched the demographic report in cooperation with the Egyptian government in 2022.

Then moved on to talk about partnerships with the World Bank during the Climate Conference, noting that during Egypt's presidency of the COP27 Climate Conference in Sharm El-Sheikh, Egypt's Climate and Development Report (CCDR) was launched.

The report refers to a series of measures at the level of policies and the provision of investment opportunities that, if implemented within 5 years, could lead to more efficient use of natural resources, reduce the effects of climate change, and enhance Egypt's ability to compete in global markets.

She also stressed the compatibility of the development cooperation strategy between Egypt and the World Bank Group with national goals and priorities, and keenness to build on the achievements made during the last period, based on economic reforms and national projects that have been implemented since 2016.

In addition to the structural and legislative reforms approved by the government that stimulated the role of the private sector in development and enabled international financing corporates to contribute a greater role in financing the private sector, which resulted in the development of the national economy and the promotion of comprehensive and sustainable growth.