Egypt strengthens ties with World Bank during Ajay Banga’s 1st official visit
Egyptian Prime Minister Moustafa Madbouly met on Monday evening with Ajay Banga, president of the World Bank Group, during his first official visit to Egypt, underscoring the country’s ongoing partnership with the international lender.
Madbouly highlighted the World Bank’s role in supporting Egypt’s Vision 2030 and the 2023–2027 strategic partnership, including backing the national economic reform programme and major initiatives such as the Decent Life project, aimed at improving citizens’ quality of life. He noted that Egypt has successfully navigated economic challenges since 2011 through reforms under President Abdel Fattah El-Sisi, boosting growth, employment, human development, and private sector participation, while coordinating fiscal and monetary policies.
The Prime Minister praised the Bank’s support for structural reforms and infrastructure investment, noting that Egypt has invested around $550 billion in recent years, attracting foreign capital and strengthening the economy. He also discussed collaboration with the International Finance Corporation in opening airports to private sector management and measures to empower investors and enhance the business environment.
Banga commended Egypt’s economic reform achievements and macroeconomic stability, reaffirming the Bank’s support for growth, employment, infrastructure, education, and healthcare. He also highlighted Egypt’s tourism potential, cultural and geographic assets, and praised the Central Bank’s role in reducing inflation.
The meeting also included discussions on sector-specific reforms: Deputy Prime Minister for Economic Affairs Hussein Issa reviewed initiatives in tourism and industry; the Foreign Minister outlined joint programs supporting private sector development, SMEs, green initiatives, and digitalisation.
Finance Minister Badr Abdel Aty stressed the World Bank’s contribution to attracting investment and improving competitiveness, while other ministers discussed new tax policies, entrepreneurship support, and employment-raising initiatives under the Decent Life programme, reflected in Egypt’s state budget for the next three years.
The talks reinforced Egypt’s ongoing collaboration with the World Bank to sustain economic growth and deepen structural reforms in key sectors.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser