Egypt and World Bank Strengthen Cooperation for Economic Development

Minister of Planning, Economic Development and International Cooperation, H.E. Dr. Rania Al-Mashat, and World Bank Regional Director for Egypt, Yemen, and Djibouti, Mr. Stephane Guimbert, met to discuss avenues for enhancing joint cooperation to achieve economic development in Egypt. The meeting focused on leveraging the World Bank's international expertise and capabilities to support macroeconomic stability, development financing, and investment in human capital. A comprehensive implementation plan is underway, aiming to promote industrial development, trade, and foreign direct investment, while implementing a national narrative for economic development.

Key Takeaways:

• The meeting aimed to strengthen joint cooperation between the Egyptian government and the World Bank to achieve economic development, leveraging the bank's international expertise and capabilities.
• A comprehensive implementation plan is being developed to support macroeconomic stability, provide development financing, promote industrial development and trade, mobilize foreign direct investment (FDI), and increase investment in human capital.
• The plan includes the preparation of the National Strategy for Industrial Development, aimed at increasing exports and enhancing the value-added of manufacturing industries.
• The Ministry of Planning, Economic Development and International Cooperation is also working to enhance integration and coherence between the FDI strategy and industrial development, supporting the labor market strategy focused on skills, and promoting investment in human capital.
• The World Bank's portfolio in Egypt includes projects such as the Universal Health Insurance Project, the Sustainable Rural Sanitation Services Program, and the Takaful and Karama Program.
• Discussions also covered the latest developments in the Upper Egypt Local Development Program and the Cairo-Alexandria Trade Logistics Development Project, implemented in cooperation with the National Railways Authority of Egypt (NRA).
• Egypt is considering joining a new global health initiative led by the World Bank, which aims to expand basic health coverage to an additional 1.5 billion people worldwide.

Statistics:

• Egypt aims to increase exports through the National Strategy for Industrial Development.
• The country is working to enhance the value-added of manufacturing industries and expand the contribution of the green economy to the GDP.
• The World Bank's portfolio in Egypt includes projects with a total value of $1.5 billion.
• The Universal Health Insurance Project aims to cover an additional 10 million people in Egypt.
• The Sustainable Rural Sanitation Services Program aims to improve sanitation services for 2 million people in rural areas of Egypt.

Sources:

• H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation
• Mr. Stephane Guimbert, Regional Director of the World Bank for Egypt, Yemen, and Djibouti
• M2 Communications
• Ministry of Planning, Economic Development, and International Cooperation - Egypt