Cabinet change will not harm World Bank’s negotiations with Egypt- source

Egyptian cabinet’s resignation will not affect World Bank’s current negotiations with Egypt on partnership strategy for the upcoming four years, a senior source in bank’s Cairo office said Wednesday.

Speaking to Amwal Al Ghad, the source stated that the negotiations between the World Bank and Egypt on the new strategy are ongoing and the mutual relation has witnessed large activity within the last period. He added that cabinet change is an internal affair and the bank has nothing to do with it.

On other side, Egyptian international cooperation ministry and a number of ministers have conducted consultation meetings with World Bank’s delegation to discuss the draft of the new cooperation strategy known as Country Partnership Framework (CPF)

The 2015-2019 Country Partnership Framework (CPF) aims at supporting Egypt’s development priorities consistent with the regional strategy of the World Bank Group in the Middle East and North Africa and the World Bank Group’s overarching goal of ending extreme poverty and boosting shared prosperity.

The CPF is a joint document of the three WBG institutions – the World Bank, International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) – and will build on their respective strengths and areas of expertise.