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  • Saturday, 22 July 2023

Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Meets Vice President of the International Finance Corporation (IFC) to Follow Up on Developments in Joint Cooperation

● The meeting looked into developments in technical support for the government's proposals program and joint cooperation in the field of health care.

● The Minister highlighted relations with the IFC to enhance the country’s priorities in empowering the private sector.

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat met with Ms. Elena Bourganskaia, IFC's Vice President of Corporate Support, as part of her visit to Egypt. During the meeting, they discussed the ongoing cooperation efforts between the government and the International Finance Corporation (IFC)  to promote private sector participation in development, as well as joint cooperation in the healthcare sector.

They discussed the progress achieved in implementing the  Transaction Advisory Services Agreement (TASA)  signed with the government to provide technical advice and consultations for the government's proposals program. The meeting took place at the Ministry's headquarters in the New Administrative Capital, in the presence of Mr. Cheick-Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa, and Dr. Mohamed Abdel-Gawad Allam, Head of the Cooperation Sector with the United Nations (UN) and International Multilateral Finance Institutions at the Ministry of International Cooperation.

At the beginning of the meeting, the Minister welcomed officials from the IFC, emphasizing the government's appreciation for the existing cooperation and the efforts made by the institution in light of the strategic partnership framework with the World Bank Country Partnership Framework (CPF)  for the period 2023-2027 to enhance private sector empowerment by focusing on priority sectors, including climate finance, agricultural manufacturing, healthcare, and other vital sectors.

The two sides discussed the efforts being made by the IFC to cooperate with the UN High Commissioner for Refugees (UNHCR) to provide support for their efforts in Egypt to care for and support refugees. In this regard, the Minister emphasized the importance of coordination and integration between programs that are already implemented by UN agencies on the ground to support, protect and care for refugees, as well as the efforts being implemented by the IFC to maximize the impact of these important development programs.

On another note, the Minister discussed with officials from the IFC, the implementation of the agreement signed last month with the Government IPO Unit at the Council of Ministers to provide technical advice and support. The IFC's Vice President highlighted  the progress made  and efforts to maximize the role, participation, and effectiveness of the private sector.

The two sides also discussed cooperation in the area of healthcare and support for the comprehensive health insurance project that the government is working to implement in collaboration with private sector partners. The Minister emphasized the country’s keenness for the private sector to play an important and vital role in providing healthcare services to citizens and enhancing their efficiency. The Minister also thanked the IFC for their technical support for the Family Medicine Center in Sharm El-Sheikh, which recently obtained the Green Building Certification, as the first Egyptian healthcare center to receive this certification.

The Minister reaffirmed what was discussed in the previous meeting with Mr. Sérgio Pimenta, IFC's Regional Vice President for Africa, last March, on the need to highlight the results of joint cooperation and the efforts implemented between Egypt and the IFC in reports and international forums, especially with regard to technical assistance and diagnostic reports stimulating the private sector.

It is worth noting that the IFC is a member of the World Bank Group and the largest global development institution focused on the private sector in developing countries and emerging markets. In Egypt, the IFC implements one of its largest programs in the world, with the institution's total investments amounting to around $7 billion in various sectors, including infrastructure, renewable energy, agricultural manufacturing, startups, and the financial sector, in addition to a technical support and advisory portfolio worth $34 million.

The IFC works in light of the strategic partnership framework between Egypt and the World Bank Group for the period 2023-2027, which was launched last March with the aim of empowering the private sector and enhancing its vital role in supporting the economy under the umbrella of Egypt's Vision 2030.