Egyptian int’l minister heads to U.S. for IMF-World Bank Spring Meetings

Egypt is taking part in the World Banks’ this year meetings scheduled for April 15-17, 2016 in Washington, D.C.

As being Egypt’s governor at the World Bank, Egyptian Minister of International Cooperation Sahar Nasr has headed Monday to the United States to take part in the WB/IMF Annual Meetings, chairing her country’s delegation.

“Several meetings are to be held with WB officials to discuss its strategy in Egypt for the implementation of projects worth US$8 billion over four years.” Nasr said.

The US$8 billion includes a US$6 billion contribution from the International Bank for Reconstruction and Development (IBRD) for financing development projects and investments worth US$2 billion from the International Finance Corporation (IFC) in the private sector, the minister stated.

At the beginning of her visit, the Minister is expected to hold several meetings with a number of UN senior officials to discuss the implementation of Sustainable Development Goals (SDGs) and the UN support of Egypt’s development projects in order to provide youth with job opportunities.

The minister is likely to meet with Sima Bahouth,  UN Assistant Secretary –General, and Director of the Regional Bureau for Arab States in the UN Development Programme (UNDP); Oh John, President of the UN Economic and Social Council (ECOSOC); Wu Hongbo, UN Under-Secretary-General for Economic and Social Affairs; and Helen Clark, UNDP Administrator.

The Minister will also head to Washington to participate at the WB Annual Meetings, on the top of which are the joint development committee meetings to be held between WB, the International Monetary Fund (IMF), and the International Monetary and Financial Committee (IMFC) affiliated to IMF. On the sidelines of such meetings, several forums, regional briefings, press conferences, activities, and events will be held to tackle global economy, international development, and international financial markets.

On 14 April 2016, the Egyptian minister will be taking part at a session addressing innovative financial solutions to face current development challenges. The session will be with the participation from Mark Lowcock – Permanent Secretary for the Department for International Development; Arunma Oteh – WB Vice President and Treasurer; and Kyle Peters – WB’s Senior Vice President for Operations.

Nasr also said she would meet with chairmen of financial institutions that enjoy strong cooperation relations with the Egyptian government including the African Development Bank (AfDB), IBRD, and the Islamic Development Bank (IDB).

She will also meet with chairmen of major companies and delegations participating at the meetings.

During her meetings, Nasr said she would focus on the Egyptian government’s priorities for the upcoming period and potential contributions of various financial institutions to help the state implement its ambitious development plan and achieve social justice.  She will also discuss the progress achieved in major development projects financed by such financial institutions.