Washington D.C.: Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the World Bank Group, participated in a main session organized by the World Bank Group titled "Jobs: The Path to Prosperity." The session featured prominent figures including H.E. Ajay Banga, President of the World Bank; H.E. Michelle Bachelet, former President of Chile; H.E. Tharman Shanmugaratnam, President of Singapore; H.E. Douglas Peterson, Senior Advisor at S and P Global; and H.E. Dilhan Pillay, Executive Director and CEO of Temasek Holdings.
According to State Information Service Egypt, Dr. Rania Al-Mashat emphasized the critical role of economic infrastructure and urged governments to maintain macroeconomic stability and policy predictability to enable private sector growth. She stressed that job creation must stem from private enterprises and by empowering individuals to initiate their own ventures.
Dr. Al-Mashat underscored the importance of economic stability, structural reforms to eliminate barriers and foster competition, and support for the green transition as foundational for any economy's success. She highlighted the need to maintain economic stability through these reforms.
Discussing human infrastructure, Dr. Al-Mashat highlighted equipping youth with skills aligned with modern trends and the needs of the private sector. She noted Egypt's vocational schools that are integrated with various industries.
Dr. Rania Al-Mashat also reviewed progress in attracting private sector investments in renewable energy and enhancing public-private partnerships through structural reforms. She advocated for an integrated financing framework to attract investments and finance projects, incorporating foreign direct investment, domestic financial resources, debt swaps, and financial guarantees.
She highlighted the urgency for governments to accelerate decision-making and policy implementation to attract investments and achieve sustainable development.
Discussing the tourism sector's role in employment, Dr. Al-Mashat noted an employment multiplier of 1 to 4, emphasizing tourism's capacity to create wide-ranging job opportunities and its role in fostering global peace and mobility. She mentioned Egypt's plans to open the Grand Egyptian Museum next July, emphasizing tourism's significance as a source of investment and revenue, supported by attractions, skilled labor, infrastructure, and hotels. Investing in tourism, she stated, contributes to sustainable economic growth by enhancing citizens' lives and skills.