The World Bank expected Thursday that the remittances of the Egyptians, working abroad, would hit 24.4 billion dollars by the end of 2020, or 6.7 percent of GDP, despite the ramifications of the global outbreak of coronavirus.
It also anticipated the Egyptian economy to hit a growth rate of 5.8 percent in 2022/2023, which matches the International Monetary Fund (IMF).
In one of the 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Minister of Finance Mohamed Mait displayed figures on the performance of the Egyptian economy during the COVID-19 crisis and plans for the future.
"Egypt was a bright spot. FDI inflows rose 11 percent to $9 billion in response to economic reforms that improved macroeconomic stability and bolstered investor confidence."
Al-Mashat, represented Egypt in the Human Capital Project Ministerial Conclave: “Investing In Human Capital In The Time of Covid-19.”
Minister of International Cooperation, Dr. Rania Al-Mashat, participated in a virtual session organized by the World Bank Group, where she referred to the importance of structural reforms and how it helped in achieving an economic recovery that is flexible and sustainable that enabled it to absorb the shocks of the COVID-19 pandemic.
The project will focus on reducing vehicle emissions, improving the management of solid waste, and strengthening the air and climate decision-making system.
The meeting, which was held via video conference, was also attended by the ministers of international cooperation and environment.
Informal workers are being particularly impacted and have no access to formal social protection schemes.
Each state must respect the sanctity of international treaties affirmed in Vienna Convention on the Law of Treaties signed in 1969, the professor of general international law stipulates.
Minister of International Cooperation announced Wednesday the approval of the World Bank's Board of Executive Directors to provide Egypt with $400 million.
This is part of the emergency response project to address coronavirus pandemic; to support the Egyptian government’s efforts to implement the universal health insurance system.
The World Bank's Board of Executive Directors on Tuesday approved a USD 400 million project to boost the comprehensive health insurance system in Egypt.
A meeting for irrigation ministers of Egypt, Sudan and Ethiopia on Wednesday has agreed to resume negotiations and reach a final agreement that takes into consideration the mutual interests of the countries involved, as well as international resolutions a
Minister Al-Mashat stated, "increased coordinated action to expedite healthcare spending and pave the way for an inclusive post-COVID economic recovery is a national priority."
Okasha said the Sudanese move brings the matter to its proper path, which relies on cooperation and negotiation.
The meeting was attended by officials from World Bank (WB), IFC, European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and African Development Bank (AfDB).
Egypt's Cabinet approved, Wednesday, proceeding with the measures needed to obtain concessional financing from the World Bank to help support the country’s health insurance system.
The cabinet also approved authorizing the Egyptian Railway Authority to make limited agreements with a number of foreign specialized companies.
The report showed that Egypt achieved a growth rate of 5.6 percent in the 2018/19 fiscal year, upping from 5.3 percent in the fiscal year 2017/18.