Egypt, WB boost partnership to enhance private sector growth

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By Aya Anwar
Minister of Planning, Economic Development, and International Cooperation, Rania El-Mashat meets World Bank Regional Director for Egypt, Yemen, and Djibouti, Stephen Jimbert, on Tuesday - Cabinet

Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania El-Mashat, and World Bank Regional Director Stephen Jimbert on Tuesday discussed means to strengthen the Country Partnership Framework FY2023-2027 (CPF) with the World Bank (WB). The move aims to advance sustainable development and private sector growth.

With a value of approximately $5.4 billion, the partnership supports projects across infrastructure, education, health, and social protection. These projects directly contribute to Egypt’s development goals and sustainable growth.

Looking ahead, the framework includes several future-focused programmes:

  • Climate-smart agricultural transformation project (CRAFT):

This initiative aims to enhance crop productivity and resilience against climate change. It is part of the broader NWFE programme and integrates efforts from previous projects to advance agricultural sustainability in the Nile Valley and Delta. The discussions also included preparations for a World Bank technical mission scheduled to visit Egypt next September to follow up on these technical discussions and ensure progress.

  • Investments in human capital and industrial development:

Plans involve significant investments in human capital and industrial development. The government is prioritising efforts to encourage foreign direct investment (FDI) and enhance the overall competitiveness of the Egyptian economy. This includes implementing the State Ownership Policy Document to optimise the performance of state-owned enterprises and increase their efficiency.

  •  Joint Capital Market Programme (J-CAP):

This initiative aims to attract private capital and improve liquidity in Egypt’s financial markets. The programme seeks to develop local market infrastructure and position Egypt as a regional hub for carbon markets.

The meeting also explored ways to maximise the role of the private sector in Egypt’s development and ensure effective governance and regulation of state-owned companies.

Attribution: The Egyptian Cabinet

Subediting: M. S. Salama

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