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Al-Mashat Comments on Outcomes of Development Committee Held during Spring Meetings of IMF & WB

Rana Atef Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the World Bank, affirmed that the Ministry is working in coordination with various ministries to prepare an executive plan aimed at supporting growth and employment rates. This plan focuses on several key sectors, including foreign direct investment, industrial development and trade, labor markets and employment, in addition to enhancing macroeconomic stability and supporting economic policies in collaboration with the World Bank Group as a knowledge partner. These remarks came following Dr. Al-Mashat's participation in the Development Committee meetings. The committee was chaired by Mr. Ajay Banga, President of the World Bank Group, and attended by Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund. The committee is one of the most prominent forums that brings together the Governors of the World Bank to discuss development and international financing issues. Dr. Al-Mashat added that Egypt places private sector empowerment at the forefront of its priorities within the framework of economic and structural reform. The private sector is considered a key driver of development efforts and employment creation. She outlined several vital sectors in this context, including tourism — which provides millions of job opportunities — as well as industry, particularly non-oil value-added manufacturing, and agribusiness. Minister Al-Mashat also pointed to efforts by the ministry to enhance its partnership with the World Bank by leveraging the Joint Capital Markets Program (J-CAP) to support local capital markets, in cooperation with the International Finance Corporation (IFC). She noted several ongoing programs with international financial institutions, in partnership with the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), aimed at supporting and growing this sector and increasing financing opportunities for various companies. The Development Committee's conclusions emphasized that the World Bank Group's strategic direction is to create jobs by encouraging entrepreneurship and fostering private sector development. It stressed the necessity for a three-pronged approach to support private sector development and job creation: establishing employment-supportive infrastructure, strengthening governance and business-enabling policies in collaboration with governments, and stimulating the mobilization of private capital. The World Bank considers accelerating job creation a top priority. The committee also highlighted the importance of enabling the private sector to create more jobs by improving supportive policies and establishing a stable regulatory environment that allows the sector to operate efficiently. It emphasized investment in human capital through proper nutrition, healthcare, education, and skills development, along with mobilizing private capital to create more and better-quality jobs. Special attention was also given to developing micro, small, and medium-sized enterprises (MSMEs), which represent about 90% of all companies and employ nearly 75% of the workforce in emerging markets and developing economies. The committee's conclusions also underscored the importance of private sector financing and the need to expand the scope of the Joint Capital Markets Program (J-CAP), which is the World Bank's main tool to support local capital markets, by intensifying its activities and broadening its engagements. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple