● "Al-Mashat" reviews with the World Bank investment spending governance efforts within the Economic and Social Development Plan for the current fiscal year
● Discussing preparations for the COP29 climate conference and implementing the recommendations of The Country Climate Development Report (CCDR) to mobilize private investments for green infrastructure projects
Within the framework of the comprehensive meeting held by H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, with Mr. Stephane Guimbert, Country Director for Egypt, Yemen and Djibouti at the World Bank, and the Bank’s team, the Minister discussed developments in efforts in coordination with national entities to prepare a foreign direct investment (FDI) strategy, as well as industrial development and trade promotion, in addition to future projects to drive investment in human capital, and encourage climate finance through the implementation of the recommendations of the Country Climate Development Report (CCDR).
Foreign Direct Investment and Industrial Development Strategies
During the meeting, H.E. Dr. Rania A. Al-Mashat emphasized the Government of Egypt’s commitment to enhance domestic and foreign investments; allowing the private sector to play a greater role in enhancing development efforts and leading comprehensive and sustainable growth, noting that technical cooperation with the World Bank to prepare a foreign direct investment (FDI) strategy serves this direction and implements the directives of the Supreme Council for Investment to develop a clear vision for foreign direct investment in Egypt.
She pointed out that the Ministry is working to coordinate between the World Bank and the relevant national entities to evaluate the performance of foreign direct investment in Egypt, and to develop a clear vision and strategy for the legislative and institutional structure in a way that improves the investment environment in Egypt and enhances its effectiveness.
Moreover, the meeting discussed developments in preparing the industrial development strategy and promoting trade in Egypt in cooperation with the relevant national entities , as well as other international partners such as United Nations Industrial Development Organization (UNIDO), German Agency for International Cooperation (GIZ), and bilateral development partners.
Enhancing Investment in human capital
The Minister of Planning, Economic Development and International Cooperation stressed the importance of partnership with the bank in enhancing human development efforts, especially in light of the great interest the government pays to this matter as part of the new Egyptian government program, referring to the "Bidaya" initiative, which is a national project for human development to enhance capabilities and skills of citizens.
In this regard, the meeting discussed the government's efforts to review government spending and public investments, enhance orientation towards human building development and social protection initiatives, increase spending on the health and education sectors, and the importance of benefiting from the outputs and recommendations issued by the World Bank reports, most notably The Egypt Public Expenditure Review (PER) for Human Development Sectors and Achieving the Demographic Dividend in Egypt.
The meeting discussed developments in implementing the presidential initiative "Decent Life" and enhancing social protection programs within the framework of the state's vision to support vulnerable groups.
COP29 Climate Conference
Additionally, H.E. discussed the preparations for COP29, in addition to cooperation with the bank to implement the recommendations of the CCDR, and the ongoing work within the framework of The Infrastructure Sector Assessment Program (InfraSAP), which works to enhance and mobilize private capital in green infrastructure projects, to address the economic and climate challenges facing the country. The Minister also referred to the preparation of the "Sharm El-Sheikh Guidebook for Just Financing", and the support provided by the bank to prepare it to enhance climate financing for green projects, stressing the ministry's aspiration for further cooperation with the bank in this regard.
Development Policy Financing
The meeting discussed cooperation with the World Bank to enhance the structural reforms undertaken by the government to empower the private sector, through the Development Policy Financing (DPF) Program, which works to achieve three main pillars: Enhancing Economic Competitiveness and Improving Business Environments; Enhancing Macroeconomic Resilience and Stability; and Supporting the Green Transition.