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  • Monday, 08 May 2023

H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank, Holds Bilateral Meeting with the Vice President of the World Bank for the Middle East and North Africa Ferid Belhaj

● Al-Mashat: The new Country Partnership Framework is special because it coincides with the discussions of the evolution roadmap for the development of the World Bank & the selection of the new president

H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank, held a bilateral meeting with Ferid Belhaj, Vice President of the World Bank for the Middle East and North Africa, on the sidelines of the launching ceremony of the Country Partnership Framework 2023-2027, where Al-Mashat confirmed the depth of joint relations between Egypt and the World Bank, and the Government of Egypt’s keenness to broaden horizons through the new partnership and enhance focus on areas of priority cooperation  to advance progress towards achieving the SDGs.

Al-Mashat thanked the Belhaj for the efforts made in preparing the partnership and coordinating joint cooperation through the meetings held during the World Bank Spring Meetings, pointing out that the new partnership comes at a very important time in light of the regional and international challenges facing developing countries and emerging economies, and government efforts and measures taken to overcome these challenges to accelerate development and economic reform.

Al-Mashat stated the new strategy coincides with the preparation of the evolution roadmap for developing the role of the World Bank to enhance its functions in supporting development in emerging economies, in addition to the announcement of a new president. These discussions will look into developing the role of the World Bank, working to end poverty and promote shared prosperity by promoting sustainable, resilient and inclusive development, and development efforts based on country ownership and increasing the impact of effective development cooperation.

The CPF was launched yesterday in the presence of H.E. Dr. Mostafa Madbouly, Prime Minister of Egypt, where Al-Mashat and Belhaj delivered opening speeches in which they emphasized the depth of the strong relations between Egypt and the World Bank. The ceremony was attended by a group of ministers, officials of the private sector, civil society, and members of the House of Representatives and Senate.

The new partnership between the Arab Republic of Egypt and the bank for the period 2023-2027 supports future joint cooperation programs and projects. The new partnership was approved on March 21, 2023, by the Board of Executive Directors of the World Bank Group, in order to support efforts to achieve comprehensive and sustainable growth, based on national priorities in various sectors and the development vision over the next five years. The new partnership of the World Bank is consistent with the Government of Egypt’s strategy for sustainable development, Egypt's Vision 2030, and the Egypt National Climate Change Strategy (NCCS) 2050. 

The new CPF places the citizen at the core by striving to achieve 3 main objectives, which are: More and better private sector jobs: through supporting the creation of an empowering environment for private sector-led investments and job opportunities as well as creating a level playing field for the private sector; Enhanced human capital outcomes: through supporting the provision of inclusive, equitable and improved health and education services as well as effective social protection programs; and Improved resilience to shocks: through strengthened macroeconomic management, and climate change adaptation and mitigation measures.