CAIRO – 12 February 2024: The World Bank has a crucial role as one of Egypt's primary development partners. Over the years, the bank has financed 175 projects in various sectors, such as infrastructure, human capital, and public sector reforms. The cumulative investment from the World Bank amounts to $26 billion since 1959, Minister of International Cooperation, Rania Al-Mashat, announced.
This announcement was made during a meeting between Egypt's Prime Minister, Mostafa Madbouly, and the President of the World Bank, Ajay Banga, held on the sidelines of the World Government Summit in Dubai.
The discussion revolved around several collaborative initiatives between Egypt and the World Bank.
Notably, they emphasized the significant contribution of the International Finance Corporation, an entity affiliated with the World Bank Group, as the government's strategic advisor for the Initial Public Offering (IPO) program.
The Egyptian Cabinet Spokesman, Mohamed el-Homsani, confirmed this information and highlighted the importance of supporting the private sector. The goal is to boost its role and increase its involvement in Egypt's public investments, aiming to reach a target of 65% of the total.
Ajay Banga expressed his optimism regarding the cooperation between the World Bank and Egypt. He acknowledged Egypt's commendable efforts in implementing economic reforms and the IPO program, which aim to strengthen the private sector's role in the country's development.