Davos: Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor at the World Bank, Rania Al-Mashat, stressed that the messages delivered by President Abdel Fattah El Sisi during his participation in the Davos Forum clearly reflect the scale of challenges facing the global economic system. The president's messages also highlight the need to reshape paths of international cooperation in a way that ensures support for sustainable development and preserves the momentum of international partnerships in confronting interconnected crises, she said yesterday.

According to State Information Service Egypt, Minister Al-Mashat's remarks were made during her meeting with President of the World Bank Group Ajay Banga on the sidelines of her participation in the World Economic Forum in Davos. The two sides discussed ways to strengthen the strategic partnership in light of accelerating global challenges and the ongoing transformations in the landscape of international cooperation and development finance.

The minister emphasized that multilateral development banks, foremost among them the World Bank Group, are required to play a more effective role in supporting developing countries by providing long-term development financing and expanding concessional and innovative financing tools. This would enhance the resilience of economies and enable them to achieve growth amid the current geopolitical and economic conditions while maintaining the trajectory of international partnerships for development.

Minister Al-Mashat highlighted that human development, industrial localization, increased investments, and enhancing labor market efficiency represent key pillars within the implementation of the 'National Narrative for Comprehensive Development'. This initiative seeks to achieve more sustainable and inclusive growth led by the private sector.

The minister noted that the partnership with the World Bank Group has witnessed a qualitative shift in recent years, moving more strongly toward supporting policies and reforms that empower the private sector, improve the business climate, and enhance the competitiveness of the national economy.