World Bank
Minister of Foreign Affairs Sameh Shokry received Monday Director General of Operations at the World Bank Anna Bjerde.
This funding is the first step in a larger $6 billion support program unveiled in March 2024.
For the coming fiscal year, the WB affirmed its previous forecast, predicting a 4.2 percent growth rate for FY2024/2025, while estimating a slight bump for FY2025/2026 to 4.6 percent
This decision follows a suggestion from the World Bank and supports the government's plan outlined in its state ownership policy document
The newly launched “Global Collaborative Co-Financing Platform” aims to channel additional capital, broaden the scope and impact of development, mobilize funds for large-scale projects, and alleviate the burdens faced by beneficiary nations
Egypt’s Minister of International Cooperation Rania el Mashat called on the World Bank Group (WB) to assume its role as a knowledge bank to enhance cooperation and coordination with different countries to focus on the sectors supporting inclusive and sustainable growth.
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.
