World Bank
During her presentation, Minister Al-Mashat highlighted the distinction between short-term economic stability policies and long-term structural reforms
Egypt’s Minister of International Cooperation (MoIC), Rania Al Mashat, recently stated in an interview that the World Bank (WB) is expected to disburse $1 billion during the second half of 2024 as part of the $6 billion support package announced back in March
This strategy aims to extend the life of debt and minimize its burden and cost
Rania Al-Mashat, emphasized the crucial role of sustainable infrastructure in driving economic and social progress worldwide. However, she acknowledged the significant gap between the current global infrastructure needs and the projected spending by 2030, estimated at $15 trillion
Al-Mashat called for a focus on supporting project structuring and bankability and addressed the G24 Governors
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
Her participation in these meetings aims to address global challenges by exploring various financing solutions, fostering private-sector investments, and enhancing resilience against future disruptions.
The Spring Meetings will include government officials from various countries of the world, and country governors at the World Bank Group, in addition to private sector companies, civil society organizations, academics, and other relevant entities, to discuss international efforts towards enhancing cooperation to achieve sustainable development and poverty eradication.
Egyptian PM lauds EU partnership, World Bank financing in bolstering economic reforms and stability.
This support includes $3 billion for financial backing to Government’s programs and $3 billion for the private sector (including mobilization) – subject to Board approval.
Maait also stated that Egypt will obtain new $3 billion from the World Bank during the coming period pointing out that this amount is part of a total package worth $20 billion from several international partners
Prime Minister Madbouly emphasized that the private sector creates more job opportunities and encourages investment in the Egyptian economy.
Over the years, the bank has financed 175 projects in various sectors, such as infrastructure, human capital, and public sector reforms
This marks a revision from the bank's previous forecast of 4 percent for the same period.
From Fitch Solutions’ most optimistic view of Egypt’s growth to the lowered expectations of the IIF, a diverse range of forecasts paints a complex picture of the country’s potential growth in the coming year as the country faces numerous external geopolitical and economic shocks.
The WB’s report highlighted that the MENA region’s remittances are projected to fall by 5.3% to approximately $61 billion in 2023, following a 4.5% drop in 2022
The new initiative seeks to develop innovative digital applications tailored to serve Egypt's agricultural sector and extend its impact on regional activities, particularly in Africa
In collaboration with the International Competition Network (ICN), the WB’s Competition Advocacy Contest highlighted Egypt’s commitment to fostering equal opportunities in the market
Egypt’s Minister of International Cooperation Rania Al-Mashat witnessed signing of 7 development grant agreements funded by the Italian government and implemented by United Nations organizations
Egypt and World Bank join forces in a collaborative workshop to boost ongoing development projects and align strategies with Egypt's new national vision.
