Egypt’s cooperation with the World Bank Group has been instrumental in supporting the country’s development. The Ministry of International Cooperation announced that the portfolio includes 13 projects worth $6.7 billion across various sectors such as education, health, transportation, social protection, renewable energy, water desalination, housing, local development, and the environment.
As one of the founding countries of the World Bank and a third-largest shareholder in the Middle East and North Africa region, Egypt has benefited immensely from the organization’s support since 1959. The World Bank has financed 175 projects with a total of $26 billion in infrastructure, human capital, public sector reforms, service delivery, and private sector development.
Last year, Egypt signed an agreement with the International Finance Corporation (IFC), a branch of the World Bank Group to empower the private sector. The IFC acts as a strategic advisor to the Egyptian government to implement government proposals. During a meeting between Minister of International Cooperation Dr. Rania Al-Mashat and Egyptian officials and the World Bank’s Regional Director in Cairo, technical cooperation topics were discussed such as implementing state ownership policy document and enhancing private sector participation in development.
During this meeting, Egyptian officials and representatives from both organizations exchanged ideas on how to support governance of state-owned companies in Egypt. The World Bank reaffirmed its commitment to strengthening cooperation with Egyptian government for economic development and promoting efficient management of public resources by creating more space for private sector investments. Officials also reviewed international proposals and experiences to help implement comprehensive reforms on state-owned institutions in Egypt.
This agreement marks another milestone towards achieving sustainable economic growth through increased collaboration between Egyptian government and world bank group entities like IFC
