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  • Wednesday, 12 October 2022

Within the Annual Meetings of the 2022 Annual Meetings of the International Monetary Fund & the World Bank Group: Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Held 2 Bilateral Meetings with World Bank Group Directors

● H.E. Dr. Rania A. Al-Mashat met with the Dean of Executive Directors Board at the World Bank Group (WBG)  Merza Hasan on COP27 & the NWFE program. 

● Al-Mashat thanked the Dean of Executive Directors for his support to the Government of Egypt in the bank’s partnership with the country. 

● Al-Mashat met with the WBG’s Regional Director for Equitable Growth and Finance on stimulating private sector engagement in development. 

The Minister of International Cooperation and Governor of Egypt at the WBG, H.E. Dr. Rania A. Al-Mashat met with the Dean of Executive Directors Board at the WBG  Merza Hasan, in the presence of Ambassador  Hisham Seif el-Din, during the 2022 Annual Meetings of the International Monetary Fund (IMF) and WBG.

During the meeting Al-Mashat discussed ways to enhance cooperation with the WBG, and the bank’s participation in COP27, pointing out that the climate conference will witness an international gathering of all relevant stakeholders, ensuring the move from pledges to implementation and stressing that multilateral development banks play a key role in increasing climate finance for developing and emerging countries. 

Al-Mashat also shared the WBG’s approval of a $400 million development financing agreement to develop sustainable infrastructure in the transport sector in Egypt, supporting the transition towards low-carbon transport along the Alexandria–the 6th of October–Greater Cairo Area (GCA) railway corridor, as well as $500 million for food security, in line with the country’s efforts to expand wheat silos.

Moreover, the minister discussed the bank’s participation in the NWFE Program, a nexus of water, food and energy projects in line with the National Strategy for Climate Change 2050. They also discussed the Country Partnership Framework (CPF) for 2023-2027, being prepared in cooperation between the WBG and Egypt and other relevant entities, to establish the new chapter of joint relations for the next five years. 

The Minister also thanked Merza Hasan , who is due to leave his position as Dean of Executive Directors at the WBG after 16 years, noting the great role he played in supporting the member countries of the Arab Group in their development plans. 

Meeting With The Regional Director for Equitable Growth and Finance

In the same context, Al-Mashat met with the  Regional Director, Equitable Growth, Finance & Institutions (EFI), Middle East & North Africa (MNA) Region, at the WBG, Nadir Mohammed, as well as the working group on the private sector. 

The meeting included discussion on the Government of Egypt’s Economic Conference scheduled to be held at the end of October, as well as the joint efforts made with the WBG in stimulating private sector participation in development and enhancing technical support. 

It is important to note that Egypt and the WBG share a development cooperation portfolio of 14 ongoing projects, up until October, worth almost $7billion, as well as 23 projects with technical support and consultancy. 

Egypt’s ongoing development cooperation portfolio with the WBG also covers a variety of sectors with water covering 13%, Health, Nutrition & Population with 15%, Finance, Competitiveness & Innovation with 18%, Transportation with 12%, Social Protection & Jobs with 13%, Agriculture & Food with 7%, Education with 7%, Environment, Natural Resources & Blue Economy with 3%, Macroeconomics, Trade & Investment with 5%, and Urban Resilience and Land with 7%.