Prime Minister Mostafa Madbouly met with Ajay Banga, President of the World Bank, and his delegation on the sidelines of the 2024 World Governments Summit in Dubai. They discussed various cooperation projects between Egypt and the World Bank, with the presence of several Egyptian ministers and officials. Mohamed El-Homsani, the Cabinet spokesperson, said that the meeting focused on the role of the International Finance Corporation (IFC), a member of the World Bank Group, as the government's strategic advisor for the IPO programme. He added that the meeting also explored ways to support the private sector and increase its share of the state's public investments to 65%, as per the government's targets. Banga expressed his desire to continue the cooperation with Egypt, considering its economic reform efforts and its implementation of the IPO programme with the help of the IFC, to enhance the role of the private sector. Rania Al-Mashat, Minister of International Cooperation, highlighted the importance of the partnership with the World Bank Group and the need to strengthen the cooperation in empowering the private sector. She said that the World Bank is one of the main development partners for Egypt, having financed 175 projects worth nearly $26bn in various key sectors since 1959. Madbouly invited Banga to visit Egypt soon to discuss some priority cooperation projects.
