World Bank extends strategic partnership framework with Egypt

The World Bank Group has agreed on Wednesday to extend its strategic partnership framework with Egypt.

The move is part of efforts to expand the cooperation portfolio in a number of sectors, and meets Egypt’s future development priorities.

This partnership builds on the 2015-2019 Country Partnership Framework between the World Bank and Egypt, which focuses on improving opportunities for private sector-led job creation, social inclusion, and ensuring governance.

World Bank’s current cooperation portfolio with Egypt amounts to around $8 billion in a variety of sectors.

Egyptian Minister of International Cooperation and Governor of Egypt at the World Bank Rania Al-Mashat met with Marina Weiss, World Bank’s regional director for Egypt, Yemen and Djibouti, prior to the start of the International Monetary Fund and World Bank annual meetings.

The extension will enable the World Bank Group to strengthen cooperation in high priority areas amid the coronavirus pandemic, involving investing in human capital development, reducing debt burdens to attract effective investment, and facilitating the changes needed for an inclusive and resilient recovery, Al-Mashat said in a statement.

The annual meetings, which will kick off on Thursday, are expected to witness the participation of David Malpass, President of the World Bank Group, Kristalina Georgieva, IMF’s Managing, and Melinda Gates, co-chair of the Bill and Melinda Gates Foundation.