World Bank
The two sides reviewed existing cooperation within the framework of the comprehensive health sector transformation program, focusing on progress in implementing and expanding the universal health insurance system.
The package includes a $200 million guarantee from the United Kingdom government and comes as Egypt presses ahead with economic reforms following successive external shocks and ongoing regional tensions.
Egypt’s Minister of Foreign Affairs, International Cooperation, and Egyptians Abroad, Badr Abdelatty, met on Thursday with Ajay Banga, President of the World Bank Group.
Egypt’s Minister of Foreign Affairs, International Cooperation, and Migration, Badr Abdelatty, participated on Wednesday in a World Bank event titled "Innovative Solutions to Increase Production and Ensure Access to Medical Products."
Egypt’s Minister of Foreign Affairs, International Cooperation, and Egyptians Abroad, Badr Abdelatty, met on Tuesday with Ousmane Dione, World Bank Vice President for the Middle East and North Africa (MENA) region.
He also appointed Minister of Finance Ahmed Kouchouk as a deputy governor to the IMF, Foreign Minister Badr Abdelatty as Egypt's governor to the World Bank (WB), and the Minister of Planning Ahmed Tawfiq Rostom as deputy governor to the WB.
Under the decree, Central Bank Governor Hassan Abdalla will serve as Egypt’s governor at the International Monetary Fund, with the Minister of Finance, Ahmed Kouchouk, appointed as alternate.
The conference comes as the first phase of the World Bank–backed UELDP concludes, celebrating the tangible achievements made on the ground and exchange views on the next steps.
Dr. Manal Awad welcomed the World Bank delegation, emphasizing the strong partnership between the Ministry and the Bank, which aims to promote sustainable development across Egyptian governorates.
Egyptian Minister of Planning, Economic Development, and International Cooperation Rania el Mashat emphasized the depth of the relationship between Egypt and the World Bank Group and its institutions.
The World Bank has allocated $100 billion in funding for developing nations, with 70% of this amount designated for Africa, Business Insider Africa reported.
Looser monetary policy and a slow but steady recovery in the manufacturing sector are also expected to play a key role in supporting the economic upswing
The World Bank also highlighted a slowdown in Egypt’s performance for FY 2023/2024, with growth dipping to 2.4 percent
The program is part of a broader $6 billion support initiative, announced in March 2024. aimed at boosting Egypt’s economic stability and private sector engagement.
During the meeting, Talaat outlined Egypt's strategies to meet the targets of its digital strategy, emphasizing advancements in digital transformation across sectors through technology.
The Egyptian government remains steadfast in its commitment to reducing debt levels. The target is to bring the debt-to-GDP ratio down to 88 percent in the current fiscal year and below 80 percent by FY2026/2027.
The GAFI statement noted that the strategy adopted the World Bank mechanism in classifying sectors into two categories.
Egypt is already moving forward with several measures to address climate change, the World Bank said in a recent report.
The conference focused on Egypt’s plans to create a robust retail bond market, a step that aligns with the Ministry’s broader mission to develop the financial sector, broaden the investor base, and stimulate economic growth
Held on the sidelines of the WB annual meetings in Washington on Thursday, their meeting discussed private sector financing, capital market development, and restructuring the global financial system.
