World Bank
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.
The forecast was lowered “due to weak manufacturing activity, import restrictions, a downturn in gas extraction operations, and reduced shipping through the Suez Canal”.
Emad stated that MSMEDA had previously disbursed $50 million from the World Bank as the first phase of the venture capital program.
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
