Al-Mashat, WB Regional Director Discuss Advancing Multilateral Co-op to Enhance Economic Development in Egypt
Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a meeting with Mr. Stephane Guimbert, Regional Director of the World Bank for Egypt, Yemen, and Djibouti, to discuss avenues to strengthen joint cooperation to achieve economic development in Egypt.
The Minister of Planning, Economic Development and International Cooperation discussed with the World Bank Regional Director the joint efforts to enhance economic development by leveraging the World Bank's international expertise and capabilities, emphasizing the importance of the partnership with the World Bank Group as a knowledge partner to the Egyptian government. Where joint work is underway to develop a comprehensive implementation plan to achieve economic development in cooperation with ministries and national entities, aiming to support macroeconomic stability, provide development financing, promote industrial development and trade, mobilize foreign direct investment (FDI), and increase investment in human capital.
H.E. also highlighted the Ministry's efforts to implement the national narrative for economic development, which includes several pillars such as the preparation of the National Strategy for Industrial Development, which aims to increase exports, and enhance the value-added of manufacturing industries, and expand the contribution of the green economy to the GDP, as well as on enhancing integration and coherence between the FDI strategy and industrial development, supporting the labor market strategy focused on skills, and promote investment in human capital. She pointed out that this document comes within the framework of the effort to formulate a unified development discourse that reflects the state's priorities, enhances the consistency of macroeconomic policies, and serves as a common reference for the government, international institutions, and development partners.
The meeting also discussed updates regarding the World Bank's portfolio, including the Universal Health Insurance Project, the Sustainable Rural Sanitation Services Program, and the Takaful and Karama Program. Discussions also covered the latest developments in the Upper Egypt Local Development Program and the Cairo-Alexandria Trade Logistics Development Project, which is being implemented in cooperation with the National Railways Authority of Egypt (NRA).
For his part, Mr. Stephane Guimbert, Regional Director of the World Bank for Egypt, presented an overview of a new global health initiative led by the World Bank, which aims to expand basic health coverage to an additional 1.5 billion people worldwide, focusing on middle- and low-income countries. The idea of Egypt joining as a key participant in this initiative was raised in light of its significant progress in health sector reforms, particularly through the implementation of the Universal Health Insurance system, which is considered one of the largest social protection projects in the region.
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