Egypt has been chosen as the first vice-chairperson of the World Bank's Board of Governors for African Countries for 2017. This will pave the way to Egypt's leadership of the board in 2018, said Egyptian Minister of Investment and International Cooperation and the country's Governor at the World Bank, Sahar Nasr. The board is now headed by Benin. The new post is a culmination of Egypt's significant role in coordinating the positions of developing states in the World Bank and the IMF, Nasr added. The Egyptian minister further said that Egypt's assumption of such post relating to Bretton Woods shall enhance its position at African and global levels, notably in light of the rapid international economic developments and changes. Nasr said that the position places Egypt "at the core of the ongoing international commercial discussions over the means of enhancing the role of international financial institutions, topped by the WB, while facing challenges like poverty, enhancing the standard of living for lower-income groups and enhancing the private sector's role in society." Founded in 1963, the Board of Governors for Africans is the main platform that allows African countries to coordinate their positions towards various issues included in the biannual meetings of the World Bank and the IMF. The board aims to advance African interests, especially with regard to economic issues of priority such as combating poverty, supporting developmental financing policies and the efforts of attracting foreign investments and focusing on the social dimension in the economic development.
