Egypt, World Bank explore deeper cooperation, partnership opportunities
The discussions focused on opportunities to deepen cooperation and strengthen the partnership between the Ministry of Public Enterprises and the World Bank Group, particularly in the areas of institutional development and attracting investment into state-owned enterprises, aligning with Egypt's broader strategy for inclusive and sustainable development.
At the outset, Minister El-Shimy outlined the ministry's comprehensive strategy for reforming its affiliated companies, aimed at enhancing performance and ensuring long-term sustainability. This strategy is guided by three key frameworks: Egypt's Vision 2030, the government's action programme, and the State Ownership Policy Document.
He emphasised that the ministry's vision seeks to maximise returns on state investments and increase the contribution of affiliated companies to national GDP, while enhancing their competitiveness both domestically and internationally. This is being pursued by modernising management practices, improving operational performance, optimising asset utilisation, and adhering to quality, governance, and sustainability standards.
Attracting and encouraging private sector investment—both local and foreign—remains a central pillar of the ministry's strategy, El-Shimy added. He highlighted the ministry's openness to cooperation and partnerships across a range of sectors, noting the availability of numerous promising investment opportunities in industrial and service activities under its supervision. Several successful partnership models with both local and international private sector players already exist, he noted.
El-Shimy also pointed to efforts to strengthen governance, transparency, and disclosure within affiliated companies, alongside a commitment to environmental sustainability and moving towards a green economy. This is reflected in various projects that comply with international environmental standards. Effective asset management and maximising returns remain key objectives of the ministry's reform agenda, he stressed.
Investing in human capital is another top priority, El-Shimy noted, with the ministry implementing specialised training programmes to enhance employee skills and efficiency. He also highlighted the rollout of Enterprise Resource Planning (ERP) systems across several affiliated companies as part of the drive for digital transformation and improved governance.
For their part, the World Bank Group delegation praised the ministry's reform strategy, its engagement with the private sector, and its commitment to institutional development and sustainable growth. They reaffirmed the World Bank Group's readiness to support the ministry and its affiliated companies through technical expertise and investment cooperation.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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