Egypt’s cooperation portfolio with the World Bank Group includes 13 projects worth $6.7 billion in various sectors, such as education, health, transportation, social protection, renewable energy, water desalination, housing, local development, and the environment. The country is one of the founding members of the World Bank and the third largest shareholder in the Middle East and North Africa region. The World Bank has been supporting Egypt’s programs since 1959 by financing 175 projects totaling $26 billion in infrastructure, human capital development, public sector reforms, service delivery and private sector development.
Last year, Egypt signed an agreement with the International Finance Corporation (IFC), the arm of the World Bank Group that focuses on empowering the private sector. Under this agreement, IFC will serve as a strategic advisor to the Egyptian government in implementing its proposals program. Minister of International Cooperation Dr. Rania Al-Mashat and other Egyptian officials met with the Regional Director of the World Bank in Cairo to discuss cooperation and outcomes of the World Bank’s mission that began in April. Technical cooperation topics were covered during this meeting along with state ownership policy implementation and enhancing the role of private sector in development.
The Minister emphasized on improving financial conditions and competitiveness of government companies through state ownership policy document while discussing these topics. World Bank officials provided ideas and proposals to support governance of state-owned companies and help government implement policy document effectively. They also expressed commitment to strengthen cooperation with government for developing economy further and encouraging greater private sector contribution while reforming state-owned institutions for efficient resource management. Discussions also focused on international proposals, ideas
