Egypt’s cooperation portfolio with the World Bank reached $5.9 billion: PM Madbouly – Politics – Egypt

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Egyptian Prime Minister Mostafa El-Madbouly during his meeting with the delegation of World Bank Executive Directors in Cairo on Monday (Photo: Egyptian Cabinet)

During a meeting with a delegation of WB Executive Directors in Cairo, Prime Minister Madbouly said that the WB was a very important partner for Egypt and expressed the hope that this visit will produce tangible results and increased cooperation between the two parties.

Madbouly told the World Bank delegation that Egypt faces enormous challenges, including providing 1 million new job opportunities every year to its people, which requires huge investments.

The Prime Minister added that since the start of carrying out national mega-projects since 2014, Egypt has been able to provide 5 million job opportunities.

He also said that after the completion of the country’s infrastructure and megaprojects, there will be a new phase of economic reform to revitalize the role of the private sector so that it can be the “main engine” of development projects.

Madbouly also reviewed the next steps to be taken by the Egyptian government to adapt to the global economic crisis, including the preparation of the policy document on state ownership to delimit state presence in the sectors. to increase private sector participation.

Madbouly also stressed the importance of continuing the talks on the Development Policy Financing (DPF) loan program between Egypt and the WB as soon as possible given the global economic situation.

The DPF program aims to finance development policies to achieve recovery from the coronavirus pandemic and to stimulate sustainable and comprehensive growth in Egypt.

“The Egyptian government has successfully implemented all necessary measures to continue the DPF project,” he said, adding that Egypt is awaiting updates from the World Bank regarding the continuation of the program.

The Egyptian Prime Minister also welcomed the ongoing consultation to prepare a strategic partnership framework for the next five years (2023/27), adding that this framework will focus on several issues, including the creation of employment opportunities in the private sector as well as the empowerment of women in all areas. sectors.

The Prime Minister also discussed the National Climate Change Strategy 2050, which was launched by Egypt last month to achieve sustainable economic growth by reducing CO2 emissions and adapting to climate change.

“This strategy needs funding to achieve its objectives,” he said.

Madbouly added that Egypt aims to use its presidency of the United Nations Climate Change Conference (COP27) – to be held in Sharm el-Sheikh in November – to strengthen the partnership between the public and private sectors and achieve to a just transition to a green economy. economy.

Minister of International Cooperation Rania El-Mashat, who also attended the meeting, spoke about the round table discussion held between the WB delegation and several ministers to discuss economic reforms and the development agenda. structural reforms adopted by the Egyptian government.

El-Mashat also revealed that there will soon be a new round of consultations between Egypt and the World Bank on the new strategic partnership.

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