Dr. Rania Al-Mashat:

• The World Bank's Business Model Transformation Aligns with Rapid Global Changes and the Need for Innovation to Address Development Challenges

• The “Growth Academy” strengthens the World Bank’s position as a knowledge partner for Egypt to drive economic growth through the exchange of expertise and innovative solutions.

• The workshop discusses mechanisms for accelerating growth, job creation, and productivity enhancement to overcome development challenges.

• Through collaboration between the Bank and international/local think tanks and research institutions, the workshop trains government cadres on long-term growth models in developing countries and evidence-based policymaking.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, attended the launch of the World Bank Group's "Growth Academy" events for the Middle East and North Africa region, held over four days in Cairo, in collaboration with the University of Chicago and the Economic Research Forum in Egypt.

Representatives from several countries in the region, including Morocco, Iran, Turkey, Tunisia, Algeria, Djibouti, and Nigeria, participated. This workshop is part of the systemic transformation of the World Bank's role, aiming to become a "knowledge bank," thereby expanding the exchange of development solutions and expertise, shaping global dialogues on development challenges, and supporting countries, especially developing ones, to continue their development path in light of complex global challenges.

This workshop comes within the framework of the systematic shift in the World Bank's role to become a knowledge bank, thereby expanding the exchange of development solutions and experiences, formulating global dialogues on development challenges, and supporting countries, particularly developing ones, to continue their development path in light of complex global challenges.

The "Growth Academy" workshop focuses on discussing the findings of the "Middle-Income Trap" report, previously issued by the World Bank, which monitors the interconnected challenges that prevent middle-income countries from transitioning to high-income status.

The report indicates that since the 1990s, only 34 middle-income economies have succeeded in achieving this goal, while 108 economies have remained stuck in the middle-income bracket. In light of the escalating current challenges, especially regarding rising debt, the "Growth Academy" workshop works to share fundamental strategies regarding the complexities of economic growth, enhancing productivity, overcoming the middle-income trap, and the challenges and opportunities facing middle-income countries.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the World Bank, emphasized the importance of launching the "Growth Academy" workshop, which reflects the depth and strength of the relationship between the Arab Republic of Egypt and the World Bank, and its position as one of the largest countries of operations in the Middle East and North Africa region.

H.E. Dr. Al-Mashat pointed out that the "Growth Academy" represents a gathering of government representatives, think tanks and research centers, and policymakers to identify the main challenges facing developing economies and share policies, knowledge, and experiences to build long-term growth models that contribute to advancing development efforts.

H.E. Minister Al-Mashat added that the transformation witnessed in the World Bank Group's approach towards knowledge is a fundamental change that aligns with the rapidly changing world, where the need for innovation and knowledge for development has become more important than ever, especially in light of the qualitative shifts we are witnessing today in the development process through technology and artificial intelligence.

Dr. Norman Loayza, Director of the Global Indicators Group at the World Bank, stated that Egypt has strong potential to overcome the middle-income trap by enhancing macroeconomic stability, accelerating economic growth, mobilizing domestic savings toward private investment, creating an enabling environment for increased female labor force participation and leadership roles, boosting productivity, and improving the business climate.

Dr. Roberta Gatti, Chief Economist for the MENA region at the World Bank, noted that a recent study indicates gender equality in employment could raise per capita GDP by nearly 50% in the long term. She added that Egypt holds vast growth potential due to its large youth population and strategic geographic location. As the private sector plays a key role in boosting productivity and job creation, promoting equal opportunity in business and improving the investment climate could significantly unlock private sector investment in Egypt.

Professor Ufuk Akcigit of the University of Chicago said the World Bank launched the “Knowledge Compact” last May to facilitate access to data and integrate data from the World Bank Group, countries, and global partners on a user-friendly platform. The Compact also aims to build stronger strategic partnerships and share knowledge through the Growth Academy, providing policymakers and development professionals with actionable insights and solutions for urgent development challenges, while also accelerating digital transformation through policy support and technical assistance.

It is worth noting that the World Bank’s “Knowledge Compact,” launched in May, includes the new data360 initiative to integrate and classify data from the Bank, countries, and partners on an easy-to-use platform. It also promotes stronger partnerships, strategic alliances, and knowledge exchange through the World Bank Group’s new academy with partner countries, aiming to build execution capacity among policymakers and development professionals and provide practical insights and solutions for pressing development issues. The Compact supports digital transformation through policy guidance, technical assistance, and thought leadership in digitalization.

The “Growth Academy” is an international program and joint initiative between the Becker Friedman Institute for Economics at the University of Chicago and the World Bank. It aims to enhance the knowledge of researchers and policymakers, foster innovative solutions to economic growth challenges, and explore policies related to economic development in middle-income countries.