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  • Thursday, 20 April 2023

During the Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), H.E. Dr. Rania A. Al-Mashat Holds Bilateral Meeting with the US nominee for the World Bank Group Presidency & Participates in Meeting with Governors

● Al-Mashat discusses the World Bank evolution roadmap with US World Bank Presidency candidate & presents Egypt's development experience and the debt swap program for development.

● The US candidate for the presidency of the World Bank looks forward to visiting Egypt soon, and applauds  the development experience and the debt swap mechanism.

During the Spring Meetings in Washington, the Minister of International Cooperation and Governor of Egypt at the World Bank H.E. Dr. Rania A. Al-Mashat met with Ajay Banga, the US candidate for the presidency of the World Bank. The current president of the bank, David Malpass, is scheduled to leave his position at the end of the bank's fiscal year on June 30, after holding the position for 4 years,

In H.E.’s meeting with the US candidate, Al-Mashat discussed the evolution roadmap for the development of the World Bank, which was the subject of many major discussions during the 2023 Spring Meetings, pointing to the importance of procedures and efforts aimed at developing the operational role played by the bank to enhance its ability in meeting the needs of member countries. This is especially in light of the complex challenges facing countries, whether in terms of climate change or the geopolitical crises that cast a shadow on the economic situation, undermines development efforts, raises food security challenges, and increases poverty rates.

During the meeting, they also discussed the proposal that is being discussed to strengthen the operating model of the bank, and the need to take into account the specificity of each country and the need for country ownership in development procedures, as well as the integration of the international and regional dimensions within partnerships between the World Bank and member countries. In this regard, Al-Mashat indicated that the strategic and extended partnership between Egypt and the World Bank is based on the country's strategic priorities.

Al-Mashat expressed that the new Country Partnership Framework between Egypt and the World Bank represents a new chapter of cooperation that is in line with the current needs for achieving development and the scale of global challenges. The new strategy works through three pillars: More and better private sector jobs by supporting the creation of an empowering environment for private sector-led investments and job opportunities as well as creating a level playing field for the private sector; Enhanced human capital outcomes through supporting the provision of inclusive, equitable, and improved health and education services as well as effective social protection programs; and Improved resilience to shocks through strengthened macroeconomic management, and climate change adaptation and mitigation measures.

During the meeting, Al-Mashat presented Egypt's experience in the field of debt swaps for development, which is being implemented with many development partners. In this regard, the US candidate for the presidency of the World Bank expressed his keenness to learn about the Egyptian experience in the field of development and the debt swap program and discussed the possibility of applying the experience in many developing and emerging countries.

The two sides also touched on efforts to stimulate the participation of the private sector in development, given that it constitutes a major priority for the US candidate within the framework of his future work plan. The US candidate expressed his aspiration to visit Egypt in the coming period, to get acquainted closely with the Egyptian experience and to push for joint action to benefit from the implemented development models.

In a related context, Al-Mashat participated with the US candidate for the presidency of the World Bank, with the governors of the Arab countries in the bank. During the meeting, the priorities of the Arab group were presented in accordance with the requirements and aspirations of each state, as well as the vision of the US candidate for the presidency of the Bank, to address the challenges in the region, ways to enhance cooperation, and future role in supporting programs that benefit developing countries and emerging economies.

The ongoing development cooperation portfolio between Egypt and the World Bank includes 14 projects worth $7 billion, distributed in several priority sectors across the country. The cooperation portfolio also includes 23 projects for technical and advisory support and capacity building. During the past year and within the activities of COP27, Egypt launched the first Country Climate Development Report (CCDR) in the Middle East and North Africa region, in cooperation with the Bank, in order to review the challenges and opportunities available to promote development and climate action.