● Al-Mashat: Strengthening joint efforts with the World Bank to benefit from the best international practices in managing country-owned assets to maximize the benefit from those assets.
Within the framework of the Egyptian government’s directions to empower the private sector and enhance its role in achieving comprehensive development, the Minister of International Cooperation and Governor of Egypt at the World Bank Group (WBG), H.E. Dr. Rania A. Al-Mashat, met with Prime Minister’s Advisor for Tenders Affairs, Dr. Mahmoud El Sakka, Assistant Prime Minister and Head of Information and Decision Support Center, Mr. Osama El Gohary, Prime Minister’s Economic Affairs Advisor, Dr. Gihan Saleh participated to explore the technical support efforts provided by the World Bank to Country-owned companies and to pursue preparations for the World Bank technical mission scheduled to come to Egypt this week, to discuss the framework of technical cooperation with the Government regarding the implementation of the State Ownership Policy Document.
The meeting witnessed a discussion of the government’s priorities and vision regarding technical cooperation with the WBG, the needs and requirements within the framework of implementing the State Ownership policy document, and preparations for the World Bank’s technical mission scheduled to arrive in Egypt this week, which will hold a number of meetings with the relevant national entities to crystallize the vision of technical cooperation during the future phase, within the framework of the strategic partnership with the bank for the period 2023-2027.
In this regard, Al-Mashat highlighted the importance of the partnership with the WBG, which extends over decades and is reflected in enhancing technical support and development financing for many priority projects. Al-Mashat pointed to the keenness to enhance the technical support provided to implement the State Ownership policy document within the framework of the Egyptian government’s vision and directions to empower the private sector and support its participation in development efforts. This is through cooperation with the World Bank to benefit from the best international practices in managing country-owned assets in terms of employment and governance in a way that maximizes the benefit from those assets.
Al-Mashat added that the technical cooperation being developed with the World Bank complements the role played by the International Finance Corporation (IFC) as an advisor to the Government Tenders Program, which aims to stimulate efforts to attract investments, enhance technical cooperation and knowledge to manage country-owned assets, expand the base of private sector participation in development and raise economic growth rates and providing various opportunities for the presence of the private sector in economic activities.
Al-Mashat stressed the importance of the ongoing efforts with the World Bank to empower the private sector, under the umbrella of the strategic partnership framework for the period 2023-2027, which constitutes a new chapter for joint cooperation to achieve prosperity. This is especially through the first pillar which is related to increasing decent job opportunities in the private sector through creating and supporting an enabling environment for private sector-led investments.
The strategy also aims to enhance investment in human capabilities and improve human capital outcomes in all governorates by supporting and providing distinguished services without discrimination in different sectors.
Relationship with the World Bank and its affiliated institutions
The Arab Republic of Egypt is one of the founding countries of the World Bank, and the third largest shareholder in the Middle East and North Africa region. The World Bank is one of Egypt's most important development partners, as it began supporting the development program in 1959. Since then, the World Bank has financed 175 projects, with a total of nearly $26 billion in many important sectors, including infrastructure, human capital, and public sector reforms; providing services and developing the private sector.
In line with the government’s vision and efforts to empower the private sector and expand the base of its participation in achieving development, the Ministry of International Cooperation works to enhance investments for the private sector in various priority areas of development and to promote green financing, through cooperation with institutions affiliated with the World Bank Group, namely the IFC. The Foundation’s total investments in the private sector in Egypt during the period from 2020 to 2023 amounted to about $2.46 billion, including $1.7 billion in current portfolios, as well as the Multilateral Investment Guarantee Agency (MIGA), whose investments amounted to $470 million in the form of guarantees for 17 ongoing project in the infrastructure, manufacturing, renewable energy sectors, among others.
Last year, an agreement was signed with the IFC, to empower the private sector, under which the IFC works as a strategic advisor for the government's Asset Monetization Program,
It is worth noting that the ongoing development cooperation portfolio between the Arab Republic of Egypt and the World Bank Group includes 13 projects worth $6.7 billion, in the fields of education, health, transportation, social protection, renewable energy, water desalination, housing, local development, and the environment.
At the end of 2023, the Ministry of International Cooperation launched the private sector platform: Hub for advisory, finance and investment for enterprises. The platform is an integrated platform that connects development partners and various private sector companies, whether large, small, medium, micro, or emerging companies, to benefit from development financing, technical support and consulting.
This platform is a comprehensive portal for interaction with the private sector, where private sector institutions of different sizes and sectors can explore and interact with the opportunities, resources and services available through global partnerships with international development partners.
For more information:
Annual Report: https://moic.gov.eg/page/annual-report-2023
Hafiz Platform: https://privatesector.moic.gov.eg/?lang=ar