Cairo: Foreign Minister and Minister of International Cooperation Badr Abdelatty engaged in discussions with senior officials from the World Bank (WB) and the International Finance Corporation (IFC) to explore ways to strengthen cooperation and support economic development.
According to State Information Service Egypt, during the meeting, Abdelatty reviewed the follow-up on the outcomes of recent meetings held by the International Monetary Fund (IMF) and the World Bank in Washington. He expressed appreciation for the long-standing partnership with the World Bank Group and applauded the IFC's role in supporting Egypt's development efforts, particularly those led by the private sector and economic reform. Abdelatty underscored the importance of translating these reforms into tangible investments that foster sustainable development.
He elaborated on plans to build upon the outcomes of the World Bank President's visit to Cairo in March, aiming to expand cooperation in various sectors such as health, water, energy, food security, and digital transformation. He welcomed the implementation of the second phase of the Development Policy Financing program valued at $1 billion and expressed interest in launching a third phase to maximize benefits from the 2023-2027 Country Partnership Framework.
Abdelatty reiterated Egypt's commitment to its comprehensive economic reform program, highlighting efforts to develop the state-owned companies offering program and expand the number of companies included. He emphasized that empowering the private sector remains a top government priority, with ongoing efforts to improve the investment climate through tax and customs incentives and the digitalization of services.
The minister also showed interest in expanding cooperation with the IFC in sectors such as electricity, tourism, agriculture, and small and medium-sized enterprises. Additionally, he explored collaboration with the Multilateral Investment Guarantee Agency to support state-owned companies and optimize asset utilization.
World Bank Vice Presidents, for their part, lauded Egypt's economic and structural reform package and its robust economic performance amidst regional and global challenges. They noted its contribution to financial and monetary stability, improved investment conditions, and enhanced social protection. They highlighted the resilience of the Egyptian economy in the face of regional escalation, attributing this to structural reforms and a flexible exchange rate system. The officials also praised Egypt's regional role as a key partner in addressing shared challenges and advancing sustainable development.