Following H.E. participation in the 79th session of the United Nations General Assembly (UNGA 79) and the Hamburg Sustainability Conference, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and Cooperation, participates in the 2024 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, which will be held from October 21-26, to discuss a number of pressing issues facing the world, most notably accelerating progress towards sustainable development and restructuring the global financial system.
This participation comes within the framework of the close partnership between the Arab Republic of Egypt and the World Bank Group, as one of the founding countries of the bank, and one of the largest countries of operation. Moreover, it reflects Egypt's role as a pivotal country in the Middle East and Africa, to emphasize the needs of developing and emerging countries, and the importance of international financial institutions playing a crucial role in enabling EMDCs to achieve development and address economic challenges.
The Minister of Planning, Economic Development and International Cooperation is scheduled to participate in a number of events, including the G24 Ministerial Meeting, the meeting of the African High-Level Working Group on the Global Financial Architecture, African Caucus meeting with the President of the World Bank Group, and several events to discuss financial solutions to accelerate the rate of development, alongside with other events of the World Economic Forum, the American Chamber of Commerce. Furthermore, H.E. Dr. Rania A. Al-Mashat will also hold a number of bilateral meetings with heads of international financial institutions and government officials.
It is worth noting that the current development cooperation portfolio with the World Bank is worth about $5.4 billion to implement 12 development projects in various sectors, including sustainable infrastructure, education, health, local development, social protection, budget support, SMEs, the environment and green transformation. The government also cooperates with the World Bank in numerous reports and studies that stimulate development efforts within the framework of the state’s priorities, as a strategy to encourage foreign direct investment (FDI) is being prepared, as well as an industrial development strategy.