World Bank
On December 27, many important events took place that changed the world, including the completion of the construction of the Hagia Sophia Cathedral and the signing of the agreement to build the Aswan High Dam.
The agreement was signed on July 5, 2020, and approved by the House of Representatives.
Gamea said that Egypt achieved progress in the field of economic reform which helped boost the status of the Egyptian economy on the international economic map.
The Cabinet's Information and Decision Support Center (IDSC) published a video commenting on Egypt Economic Monitor report recently issued by the World Bank, monitoring the country’s economic performance over the past years and until 2020.
With the COVID-19 pandemic causing the most severe global health and economic crisis in at least seven decades, Egypt has been one of the countries whose approach to contain the pandemic and maintain a resilient economy has been singled out on a global level.
𝘔𝘪𝘯𝘪𝘴𝘵𝘳𝘺 𝘰𝘧 𝘐𝘯𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘊𝘰𝘰𝘱𝘦𝘳𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘞𝘰𝘳𝘭𝘥 𝘉𝘢𝘯𝘬 𝘎𝘳𝘰𝘶𝘱 𝘳𝘦𝘭𝘦𝘢𝘴𝘦 𝘢 𝘯𝘦𝘸 𝘌𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘳𝘦𝘱𝘰𝘳𝘵 𝘵𝘪𝘵𝘭𝘦𝘥: ‘𝘌𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘔𝘰𝘯𝘪𝘵𝘰𝘳 𝘙𝘦𝘱𝘰𝘳𝘵: 𝘍𝘳𝘰𝘮 𝘊𝘳𝘪𝘴𝘪𝘴 𝘵𝘰 𝘌𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘛𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯’.
Weiss was delivering a speech during the International Cooperation Ministry's event on the occasion of releasing a report titled " Economic Monitor Report: From Crisis to Economic Transformation, Unleashing Egypt's Potentials in Productivity and Job Creation."
The report added that average real growth has remained positive during FY2019/20 and foreign reserves continue to be rather ample.
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.
Most Read
