Egypt, World Bank discuss expanding cooperation on reforms, investment
Egyptian Prime Minister Moustafa Madbouly met World Bank Managing Director and Chief Knowledge Officer Pascal Donohoe on Tuesday to discuss expanding cooperation on economic reforms, private-sector development, investment, and digital transformation, the government said.
The meeting was attended by Deputy Foreign Minister for International Cooperation Samar El-Ahdal, World Bank Vice President for the Middle East and North Africa Ousmane Dione, and International Finance Corporation (IFC) Division Director for North Africa and the Horn of Africa, Ari Naim.
Madbouly said Egypt was seeking to build on the outcomes of World Bank President Ajay Banga’s March visit to Cairo by deepening cooperation in priority sectors including healthcare, energy, manufacturing, digital transformation, artificial intelligence, and food security.
He said the government remains committed to implementing economic and structural reforms to improve the competitiveness of the economy, encourage private-sector investment, and create jobs.
Madbouly also highlighted ongoing cooperation with the World Bank Group on Egypt’s national foreign direct investment (FDI) strategy, which aims to enhance the country’s investment competitiveness and attract more foreign investment.
He said Egypt was also working with the World Bank on the institution’s Business Ready (B-READY) assessment, its new framework for evaluating business and investment environments. The country is cooperating with the World Bank on a restructuring programme for the Micro, Small and Medium Enterprise Development Agency (MSMEDA) to improve support for productive sectors and simplify financing and licensing procedures.
The prime minister said Egypt was looking to expand cooperation with the World Bank in the digital economy after the sector’s contribution to gross domestic product increased, particularly in areas including digital infrastructure and artificial intelligence.
Deputy Foreign Minister Samar El-Ahdal said the World Bank delegation’s visit would include field visits to projects implemented jointly with the Egyptian government in areas, including digital transformation, artificial intelligence, healthcare, and support for micro, small and medium-sized enterprises.
Donohoe said the World Bank viewed Egypt as a key regional partner and reaffirmed the institution’s commitment to supporting the country’s economic reform programme by expanding cooperation in areas, including healthcare, infrastructure, social protection, digital transformation, and private-sector development.
He added that the World Bank would continue providing technical and financial support through its development programmes in Egypt to strengthen the country’s competitiveness and encourage private-sector-led growth.
The World Bank has been supporting Egypt’s economic reform programme through policy financing, technical assistance, and investment projects across infrastructure, social protection, private-sector development, and digital transformation.
Attribution: Amwal Al Ghad English