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  • Monday, 17 April 2023

Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Thanks David Malpass, President of the World Bank, for his Efforts in Supporting the Partnership with Egypt Throughout his Tenure at the Bank.

During the 2023 World Bank Group and International Monetary Fund (IMF) Spring Meetings, in Washington, Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group, met with Mr. David Malpass, President of the World Bank, who will be leaving his position at the end of the bank’s fiscal year on June 30.

The Minister thanked  Malpass for his efforts in supporting the partnership between Egypt and the World Bank over the past years, strengthening development cooperation programs, implementing many partnerships and projects that come in light of the country's development priorities to implement the 2030 development agenda, and supporting efforts in various sectors.

The Minister said that the World Bank is one of the Government of Egypt’s main development partners to support comprehensive and sustainable economic growth, through programs in various fields, especially food security, investment in human capital, and social protection, noting the support of the World Bank President for approving the Country Climate Development Report (CCDR) and the new Country Partnership Framework (CPF) between Egypt and the World Bank for 2023-2027, which aims to start a new chapter of fruitful cooperation for the coming years.

During COP27 in Sharm El-Sheikh, Malpass visited Egypt within the framework of the World Bank's participation in the conference, where he witnessed, along with the Prime Minister of Egypt H.E. Dr. Mostafa Madbouly, the launch of the CCDR, the first of its kind in the Middle East and North Africa region, and applauded the efforts made by Egypt in economic reform.

The CCDR on Egypt reviews the challenges and opportunities available to achieve compatibility between Egypt's development goals and climate action. The report identifies opportunities to reduce inefficiencies, manage risks, and strengthen the foundation for increased private sector participation.

The CCDR includes: (1) Cost-effective adaptation methods and approaches to reduce the negative impacts of climate change and (2) Policy interventions and actions to improve the efficient use of natural resources, and create additional fiscal space to finance projects that reduce people and the economy's vulnerability risks of climate shocks, and (3) actions that can help avoid compliance with carbon-emitting activities through changes at the policy level with consideration to reduce related costs.

Under the theme “The Way Forward: Building Resilience and Reshaping Development,” Al-Mashat is participating in the World Bank and IMF Spring Meetings, along with the participation of central bank governors, finance ministers, development partners, senior officials from the private sector, philanthropic organizations and academic, to discuss issues of global concern.