World Bank chief lauds Egypt’s efforts in combating coronavirus
World Bank President David Malpass on Wednesday lauded Egypt’s efforts in combating the coronavirus pandemic, including its allocation of 100 billion Egyptian pounds ($6.3 billion) to support healthcare sector and finance comprehensive economic recovery plan.
The plan aimed at offsetting repercussions resulted from the precautionary measures taken to fight the spread of the pandemic.
Malpass made these remarks at the Human Capital Project Ministerial virtual conclave, which was held on Saturday part of preparations for the International Monetary Fund (IMF) and World Bank annual meetings in Washington, which will take place in Washington on Monday.
The conclave brought together ministers of finance and planning from 78 countries who are participants in the World Bank’s human capital project, including Egyptian Minister of International Cooperation Rania Al-Mashat.
The participants attended the conclave to share experiences, mobilise and safeguard resources in order to protect and invest in people amid the pandemic, and adopt innovative solutions for better and more equitable human capital outcomes.
Investment in human capital is Egypt’s top priority evidenced by its three-pronged approach: increase in allocation for health and social spending; continued provision of critical social protection; and review of social spending to assess efficiency, and seeking areas of improvement, Al-Mashat said.
Since the onset of the pandemic, allocations for health spending have significantly increased in Egypt, the minister said.