The World bank praises Egypt

The World Bank praises the reforms implemented in Egypt since 2016, writes regular correspondent Ahmad Abdul-Rahman.

Dr. Rania Al-Mashat, minister of International Cooperation, and Tarek Amer, president of the Central Bank of Egypt and governor of Egypt at the World Bank (WB), held an extensive meeting with members of the delegation of executive directors from the bank, which includes 10 executive directors representing 62 member countries of the WB. The visit of the WB's delegation aimed to discuss the joint strategic partnership, the future cooperation in the context of the successive economic developments at the international level and their impact on local affairs, cooperation between Egypt and the WB within the framework of Egypt's presidency and hosting of the UN Climate Conference COP27.

Strategic partnership between Egypt and the World Bank

The meeting witnessed discussions at the level of the strategic partnership between Egypt and the World Bank, especially the preparation of the joint strategy between the two sides, which aims to strengthen relations with the WB as one of Egypt's largest development partners. This joint strategy is in line with the Egyptian government's work program "Egypt Goes", the country's development vision 2030, and the presidential initiatives. On top of this, there is "the Good life" initiative.

Al-Mashat referred to the joint strategy between Egypt and the WB Group. The objectives of the strategy are to develop the work environment, enhance the role of the private sector in development and job creation, boost investment in human capital, and strengthen cooperation in the areas of green transformation, especially at the level of adapting projects and mitigating the repercussions of climate change.

Al-Mashat affirmed the importance of merging the new strategy with the goals of the Egyptian government's work programme, of which there are five. They are: building the Egyptian citizen, ensuring growth of economic development, raising the efficiency of government performance, advancing employment levels, improving the standard of living, protecting national security and developing foreign policy.

Al-Mashat also referred to the country's efforts to achieve sustainable development within the framework of Vision 2030, the measures taken to achieve comprehensive and sustainable economic growth and the implementation of economic and structural reforms. She also talked about the country's plan to work with current global developments. The plan aims to advance comprehensive and sustainable growth in Egypt and expand the base of private sector participation to help drive economic development.

The Green Transition, COP27 Climate Conference and CCDR

The discussions dealt with the joint work between Egypt and the WB regarding Egypt's preparations to organize the UN Climate Conference COP27. Egypt aims to emphasize the importance of climate action at the local, regional and international levels, and the importance of transforming international commitments into concrete actions for climate action. Al-Mashat discussed cooperation with the WB in the context of the National Climate Change Strategy 2050, as well as the various initiatives announced by the WB on promoting climate action through development financing, technical support, and sharing expertise and experiences.

The discussions involved preparing the climate and development report for Egypt, which coincides with the launch of Egypt's national strategy for climate change. The report includes a holistic analysis of the economic situation in Egypt, in addition to three main areas )of water and agriculture energy, transport and industry, and resilient coastal cities.

The WB's delegation commended the ambitious economic reforms implemented by Egypt since 2016, its handling of various economic challenges, and the discussions conducted by the Ministry of International Cooperation on the level of promoting innovative financing within the framework of the UN Climate Conference COP27. The WB delegation also affirmed its keenness to cooperate with Egypt in all areas of development, especially food security. The latter has become an important issue in light of the economic challenges facing the entire world as a result of the repercussions of the Corona pandemic and the Russian-Ukrainian war.

The WB delegation also touched on the importance of Egypt as a hub for linking Africa, Asia and Europe, and the comprehensive reforms needed to stimulate the participation of the private sector in development. The delegation explained that in light of the potential of trade to promote development, the African Free Trade Agreement could be pivotal for enhancing cooperation between the countries of the continent and supporting efforts to achieve development.. For his part, Mirza Hassan, dean of the Board of Executive Directors of the WB Group, said that Egypt is one of the largest partners of the WB, and is linked to a huge group of development projects.

It is worth noting that the current areas of cooperation between Egypt and the WB Group include 15 projects in the sectors of education, health, transportation, social protection, petroleum, housing, and local development. They are valued at USD 5.9 billion.