Dr. Badr Abdelatty, Minister of Foreign Affairs, International Cooperation, and Egyptian Expatriates, received Mr. Ajay Banga, President of the World Bank Group, on Monday, March 2, during his first official visit to Egypt.
The meeting discussed ways to strengthen cooperation between Egypt and the World Bank Group.
The Minister of Foreign Affairs expressed appreciation for the existing cooperation between Egypt and the World Bank and for the support provided by the Group in advancing the state’s efforts in achieving its economic and developmental goals and priorities.
Dr. Abdelatty praised the strategic partnership with the World Bank and its support for the implementation of the economic reform program and the achievement of sustainable development, particularly through its contribution to major national projects and presidential initiatives, most notably the Decent Life (Hayah Karima) initiative.
The Minister also reviewed the outcomes of the economic and structural reform efforts implemented by the government in recent years to strengthen macroeconomic stability, particularly meeting market demand for foreign currency in accordance with market mechanisms.
Minister Abdelatty noted that this progress has been reflected in reports by the International Monetary Fund and credit rating agencies, pointing to the rise in foreign exchange reserves, a downward trend in inflation, and the significant growth in a number of economic sectors.
In this regard, the Minister commended the World Bank’s continued positive messaging regarding the performance of the Egyptian economy, reflecting the state’s commitment to implementing economic and structural reforms, creating an attractive investment climate, and boosting the confidence of the business community and international institutions in the Egyptian economy.
Minister Abdelatty also highlighted the government’s efforts to empower the private sector as a key partner in achieving sustainable development. These efforts include improving the investment and legislative environment and offering tax and customs incentives, which have contributed to increasing the private sector’s share of total investment.
Dr. Abdelatty referred to ongoing efforts to update the State Ownership Policy Document to further foster the role of the private sector in driving economic growth. He also praised the World Bank’s support for regional energy interconnection projects. The Minister underscored Egypt’s role as a regional hub for energy trade and exchange, and its keenness to bolster cooperation with the Bank in this field.
For his part, the President of the World Bank expressed his aspiration to further strengthen cooperation and coordination frameworks in the coming period in support of Egypt’s development priorities and to maximize the benefits of the existing partnership. He lauded Egypt’s economic performance amid current regional and international challenges, praising the package of economic and structural reforms implemented by the Egyptian government.
He noted that these reforms have enhanced financial and monetary stability indicators, improved the investment climate, and advanced economic empowerment and social protection efforts, reflecting Egypt’s commitment to continuing its comprehensive reform path.
The World Bank President also praised Egypt’s leading role as a fundamental pillar of security and stability in the region and its ongoing efforts to support regional peace and security. He affirmed the Bank’s keenness to continue supporting the development programs and economic reform in Egypt and to intensify technical and financial cooperation, particularly in light of the exceptional circumstances and accelerating challenges facing the region.
The meeting also touched on the humanitarian situation in the Gaza Strip. The Minister of Foreign Affairs reaffirmed Egypt’s commitment to continue supporting the Palestinian people in Gaza, enhancing early recovery and reconstruction efforts, and providing basic needs.
Dr. Abdelatty emphasized reliance on the World Bank to continue its role in supporting the provision of dignified and sustainable living conditions for the Palestinian people.
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