H.E. Dr. Rania A. Al-Mashat Reviews the State's Efforts to Enhance the Efficiency of Public Investment Management and Governance and to Provide More Financial Opportunities for the Private Sector

At the conclusion of H.E.’s participation in the annual meetings of the World Bank Group in Washington, Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the World Bank Group, held intensive bilateral meetings with government officials and development partners to discuss shared economic relations in light of national development priorities.

World Bank Group

The Minister met with Mr. Ousmane Dionne, World Bank’s Vice President for the Middle East and North Africa, where they discussed the developments of the joint development cooperation portfolio as well as future programs, particularly concerning the development of the small and medium enterprises sector, the management of state-owned enterprises, and the development policy financing program to support the structural reforms being implemented by the state.

H.E. Dr. Al-Mashat expressed her gratitude to the Vice President of the World Bank for his efforts to expand development initiatives and respond to national priorities. She highlighted the importance of diversifying cooperation with the Bank to include technical support and leveraging accumulated expertise in studying economic growth models, identifying priority sectors that drive growth, and addressing debt challenges through comprehensive and innovative mechanisms, especially given the escalating geopolitical tensions affecting global and regional development efforts.

H.E. Minister Al-Mashat also referenced the state’s efforts to enhance the efficiency of public investment management and governance, setting specific ceilings for investments to curb inflation rates and provide more opportunities for the private sector. The meeting included discussions on providing technical support to several institutions in Egypt as part of the partnership between the two sides.

The two parties explored enhancing partnership in human capital development, given the government's significant focus on this vital sector, which has direct implications for achieving economic and social development and addressing the challenges of population growth.

The meeting also addressed the upcoming Fourth International Conference on Financing for Development (FfD4) in Spain, where the Minister emphasized the importance of this conference amid exceptional global circumstances and calls for restructuring the global financial system, highlighting the need for developing and emerging countries for innovative and diverse financing tools and integration among multilateral international institutions to achieve more effective solutions.

International Finance Corporation

The Minister also discussed with Mr. John Gandolfo, IFC’s Vice President for Treasury, and Mr. Hassan Abdalla, Governor of the Central Bank of Egypt, efforts to enhance cooperation between the Corporation and Egyptian banks concerning credit lines provided to banks to bolster green financing efforts, as well as support for small and medium enterprises. Future cooperation programs were also explored.

Multilateral Investment Guarantee Agency

Additionally, H.E. Minister Al-Mashat held a meeting with officials from the Multilateral Investment Guarantee Agency (MIGA) in the presence of Mr. Ahmed Koshok, Minister of Finance. The meeting focused on proposals for future cooperation programs aimed at enhancing and supporting the structural reforms that the government is implementing through the tools of the Multilateral Investment Guarantee Agency.

International Monetary Fund

H.E. Dr. Rania Al-Mashat met with officials from the Statistics Department of the International Monetary Fund, including the Deputy Director Ms. Carol Baker, and other officials, to discuss enhancing joint cooperation in the area of technical support for developing methodologies to close sectoral development gaps and calculating gross domestic product. They also reviewed ongoing collaboration in the programs for Public Investment Management Assessment  (PIMA) and Climate - Public Investment Management Assessment (C-PIMA) as part of a close partnership with the Fund to enhance the efficiency of public investments and drive economic growth.

Egyptian-French Relations

At the governmental level, H.E. Minister Al-Mashat discussed with Mr. Thani Mohamed Soilihi, French Minister of State for Francophonie and International Partnerships, the developments in Egyptian-French relations, which have witnessed significant progress over recent years.

The French Minister expressed his country's appreciation for the partnership with Egypt, which reflects on development efforts across various fields, and he looks forward to further collaboration, particularly in infrastructure, energy, and water management projects. He noted that France will participate with a large and high-level delegation in the twelfth session of the World Urban Forum.

H.E. Dr. Al-Mashat confirmed that Egyptian-French cooperation has gained substantial momentum since 2019, reflecting the strength of the ties between the two countries and their commitment to implementing partnerships that elevate development efforts. A memorandum of understanding for a strategic partnership in socio-economic development between Egypt and the French Development Agency was signed for the period 2019-2023, including key areas of cooperation in accordance with Egypt's Vision 2030. Additionally, eight memoranda of understanding were signed in various development fields during President Emmanuel Macron's visit to Egypt in 2019, followed by bilateral agreements during H.E. President Abdel Fattah El-Sisi's visit to Paris in 2020.

The two ministers also discussed future partnership agreements between their governments and the country program of the French Development Agency in Egypt. H.E. Dr. Al-Mashat emphasized the importance of increasing cooperation with the French side in light of the state’s priorities in the upcoming period, particularly in continuing economic and structural reforms that stimulate the private sector, improving the investment climate, encouraging local industry localization, and integrating into global value chains, as well as enhancing social protection efforts.

H.E. Minister Al-Mashat discussed the importance of expanding innovative financing tools with the French side, referencing Egypt’s pioneering experience in debt swaps with Germany and Italy. They also addressed the efforts to restructure the global financial system and the necessity of providing more innovative financing tools for developing countries to enhance their role in achieving desired development.

Minister of Planning and International Cooperation of the Republic of Guinea

H.E. Minister Al-Mashat also met with Mr. Ismail Nabi, Minister of Planning and International Cooperation of the Republic of Guinea, to discuss ways to enhance cooperation between the two countries. 

During the meeting, H.E. Dr. Rania Al-Mashat expressed deep appreciation for the bilateral relations between Egypt and Guinea, emphasizing the importance of collaboration to represent the priorities of developing countries, particularly in Africa, and deepening ties to achieve mutual interests.

The two ministers reviewed the developments in their mutual relations and proposals for their enhancement to meet aspirations and reflect Egypt’s efforts towards achieving comprehensive economic development, addressing developmental challenges, and empowering the private sector.

H.E. Dr. Al-Mashat noted the integration of the ministries of planning, economic development, and international cooperation, and the initiatives the ministry is working on to enhance the integration of local and foreign financing in the investment plan to boost the efficiency and effectiveness of investments, as well as govern investment spending and support the implementation of structural reforms that stimulate the private sector. She highlighted Egypt's launch of a strategy to enhance cooperation among Southern countries and trilateral cooperation in May 2023, reflecting its commitment to playing a more active role in promoting knowledge exchange among Southern nations.

Mr. Ismail Nabi stated that he is looking forward to elevating bilateral relations between the two countries in various fields, including infrastructure, electricity, and collaboration with Egyptian private sector companies, as well as enhancing the participation of Guinean personnel in training courses organized by Egypt and the scholarships offered by Egyptian universities. They also discussed ways to deepen cooperation and continue building on the recent developments and diversity in their relations.

Special Envoy for International Affairs of the Government of Bangladesh

The Minister of Planning, Economic Development, and International Cooperation met with Mr. Lutfey Siddiqi, Special Envoy for International Affairs of the Government of Bangladesh, to discuss future cooperation opportunities. 

At the outset of the meeting, H.E. Dr. Rania Al-Mashat congratulated Mr. Siddiqi on the formation of the new government in Bangladesh, wishing them success in their mission to achieve greater security and stability and to continue the path of development and construction in the country.

H.E. Minister Al-Mashat reviewed the ministry's efforts to enhance climate action, highlighting the "NWFE" platform as a model for national platforms in climate action, which has successfully provided a list of fundable projects in the fields of water, energy, and food aimed at attracting climate investments and innovative financing tools.

The meeting also addressed the new government's economic vision for Bangladesh and the mechanisms to improve the country's economic conditions in the upcoming period, which include several key areas, primarily the use of technology and digitalization in the development process.