Dr. Rania Al-Mashat:
The government is working through “Egypt’s Narrative for Economic Development” to transition to an economic model based on higher-productivity sectors.
“Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience” includes executive mechanisms and reforms with specific timelines to improve the business environment and enhance macroeconomic stability.
Growth indicators for the fiscal year 2024/2025 reflect the shift in the growth structure toward real economy sectors and making room for private sector investments.
The meeting addressed developments in the implementation of joint projects with the World Bank and preparations for the Annual Meetings this October.
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held a virtual meeting with H.E. Mr. Ousmane Dione, Vice President of the World Bank Group for the Middle East, North Africa, Afghanistan, and Pakistan. The meeting was attended by H.E. Cheikh Oumar Sylla, the International Finance Corporation (IFC) Regional Director for North Africa and the Horn of Africa, H.E. Mr. Stephane Guimbert, WB Country Director for Egypt, Yemen, and Djibouti, and H.E. Mr. Sandeep Mahajan, WB Regional Practice Director, EMADR. The meeting aimed to discuss ways to strengthen cooperation and a number of shared files.
During the meeting, Dr. Al-Mashat emphasized the depth of relations between Egypt and the World Bank Group and its institutions, highlighting the government's efforts to support and enhance partnerships with development partners from international institutions. She noted that Egypt has one of the largest World Bank Group portfolios in the Middle East and North Africa region.
Dr. Al-Mashat highlighted the efforts of joint cooperation with the Bank to intensify economic development by leveraging the international capabilities and expertise the World Bank possesses. Future projects with the Bank and preparations for the Bank's Annual Meetings this October were also discussed.
The Minister of Planning, Economic Development and International Cooperation discussed “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience”. She explained that the Narrative is a comprehensive framework that integrates the Government's Action Program and Vision 2030 in light of the accelerating regional and global changes. The goal is to transition toward an economic model focused on the highest-productivity sectors that are most capable of accessing export markets, thereby enhancing the competitiveness of the Egyptian economy and stimulating private sector participation, as a continuation of the economic reform path.
Dr. Al-Mashat reaffirmed that “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience” is an economic reform program with clear executive mechanisms, guided by the National Structural Reform Program, and translates structural reform priorities into a consistent set of quantitative targets until 2030.
In a related context, Minister Al-Mashat pointed to the economic growth indicators for the current fiscal year, 2024/2025, which showed a shift in the growth structure to be led by non-petroleum manufacturing industries and real economy sectors. This confirms the fundamental goal the government seeks to achieve through “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience”, which is to transition to an economic model focused on productive sectors. She mentioned that the economy achieved a growth rate of 4.4%, exceeding expected levels. This coincided with an increase in private sector investments and a decrease in public investments, indicating the state's direction to make room for the private sector.
The meeting also reviewed the updates regarding the World Bank portfolio, where the Universal Health Insurance Project, the Sustainable Sanitation Services in Rural Areas Project, and the Takaful and Karama Project were mentioned. Additionally, they addressed updates on the Local Development Program in Upper Egypt and the Cairo-Alexandria Trade Logistics Improvement Project, which is being implemented in cooperation with the National Railways Authority of Egypt.