Cairo: Prime Minister Moustafa Madbouli emphasized the importance of the World Bank's role as a key international partner in Egypt's journey towards sustainable development and the implementation of its economic and structural reform agenda under Egypt Vision 2030. The remarks came during a meeting with Ajay Banga, President of the World Bank Group (WBG), marking his first official visit to Egypt. The meeting was attended by senior government officials.
According to State Information Service Egypt, Madbouli expressed appreciation for the strategic partnership framework (2023-2027) established with the World Bank, which supports national reform efforts and finances major development projects. He acknowledged the bank's support for presidential initiatives, particularly the 'Decent Life' initiative aimed at enhancing the quality of life for citizens.
The Prime Minister reflected on Egypt's successful navigation of significant challenges since 2011, highlighting the comprehensive reform program implemented under President Abdel Fattah El Sisi. This program has been instrumental in achieving macroeconomic stability and nationwide development. Madbouli outlined key government priorities, including boosting growth and employment, curbing inflation, reducing public debt, expanding investment, empowering the private sector, and advancing education and healthcare.
Madbouli noted that Egypt has invested approximately $550 billion in infrastructure development in recent years. This investment has been crucial in attracting foreign investment and enhancing growth rates. He also emphasized cooperation with the International Finance Corporation (IFC) to expand private-sector participation, including airport management, and improve the investment climate through regulatory and fiscal reforms.
Ajay Banga, President of the WBG, commended Egypt's progress in economic reform and macroeconomic stabilization, reaffirming the World Bank's commitment to supporting growth, job creation, and human development. He praised efforts to upgrade infrastructure, education, healthcare, and state institutions, emphasizing the importance of further developing the tourism sector, given Egypt's unique cultural and geographic advantages. Banga also acknowledged the Central Bank of Egypt's role in steering monetary policy and achieving progress in reducing inflation.