World Bank contributes to financing more than 175 projects in Egypt worth about $25B

CAIRO - 8 May 2023: “The World Bank, since the beginning of its relationship with Egypt, has contributed to financing more than 175 projects in various governorates, worth over  $25 billion,” Minister of International Cooperation, Rania Al-Mashat stated.

 

The Minister pointed out that the joint relations are not limited only to development cooperation, but that Egyptian expertise has also  enriched the Bank's work. 

 

She said that Egypt has long standing historical relations with the World Bank, as it is considered one of the founding countries of the Bank since 1945. Over the decades, development cooperation relations between Egypt and the World Bank Group has grown until the World Bank has become one of the most important multilateral development partners in Egypt, as well as its consistent and effective contribution to supporting national development priorities in various fields.

 

This came during the minister’s  speech at the launch ceremony of the Country  Partnership Framework  (CPF) between Egypt and the World Bank Group 2023-2027, which was witnessed by the Prime Minister, Mostafa Madbouly, with the participation of Ferid  Belhaj, Vice President of the World Bank Group for the Middle East and North Africa (MENA), and  Marina Wes, Country  Director for Egypt, Yemen and Djibouti at the World Bank Group, heads of international financing institutions affiliated to the World Bank Group, and a number of ministers representing the government.

 

Al-Mashat explained that the joint efforts between Egypt and the World Bank Group are moving forward until today, as Egypt is actively participating  in the evolution  roadmap to stimulate and develop the World Bank Group's activity to build resilience and support development and growth efforts in order to develop more effective solutions, end poverty, and promote shared prosperity through  sustainable, resilient and inclusive 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 Group.

 

The Minister of International Cooperation congratulated the new president of the World Bank Group, affirming Egypt's support for his new mission, with the importance of emphasizing the need to strengthen the role of the Bank to address the growing and accelerating challenges facing middle-income countries and reduce the burdens on developing and least developed countries.