Rania Al-Mashat, Egypt's Minister of Planning, Economic Development and International Cooperation, held a virtual meeting with Ousmane Dione, World Bank Group Vice President for the Middle East, North Africa, Afghanistan, and Pakistan. The discussion focused on strengthening cooperation, reviewing joint projects, and preparing for the World Bank's Annual Meetings in October. During the meeting, Al-Mashat emphasised the robust relationship between Egypt and the World Bank Group, noting that Egypt manages one of the largest World Bank portfolios in the Middle East and North Africa region. She underscored the government's commitment to supporting and enhancing partnerships with international development institutions. The minister highlighted joint efforts with the World Bank to intensify economic development by leveraging the Bank's international capabilities and expertise. Future projects with the Bank and the upcoming Annual Meetings in October were also discussed. Al-Mashat outlined "Egypt's Narrative for Economic Development: Reforms for Growth, Jobs & Resilience." She described it as a comprehensive framework that integrates the government's Action Program and Vision 2030, adapting to accelerating regional and global changes. The primary goal is to shift towards an economic model prioritising higher-productivity sectors capable of accessing export markets, thereby boosting the Egyptian economy's competitiveness and stimulating private sector participation as part of ongoing economic reforms. "The government is working through 'Egypt's Narrative for Economic Development' to transition to an economic model based on higher-productivity sectors," Al-Mashat stated. She affirmed that the "Narrative" is an economic reform programme with clear executive mechanisms, guided by the National Structural Reform Program, translating structural reform priorities into consistent quantitative targets until 2030. Al-Mashat pointed to economic growth indicators for the fiscal year 2024/2025, which reflect a shift in the growth structure towards non-petroleum manufacturing industries and real economy sectors. This, she explained, confirms the government's fundamental objective through "Egypt's Narrative for Economic Development: Reforms for Growth, Jobs & Resilience" to transition to an economic model focused on productive sectors. She noted that the economy achieved a 4.4% growth rate, exceeding expectations. This coincided with an increase in private sector investments and a decrease in public investments, indicating the state's strategic direction to create more space for the private sector. The meeting also reviewed updates on the World Bank portfolio, including projects such as the Universal Health Insurance Project, the Sustainable Sanitation Services in Rural Areas Project, and the Takaful and Karama Project. Additionally, updates were provided on the Local Development Program in Upper Egypt and the Cairo-Alexandria Trade Logistics Improvement Project, which is being implemented in cooperation with the National Railways Authority of Egypt. Attendees at the virtual meeting included Cheikh Oumar Sylla, the International Finance Corporation (IFC) Regional Director for North Africa and the Horn of Africa; Stephane Guimbert, World Bank Country Director for Egypt, Yemen, and Djibouti; and Sandeep Mahajan, World Bank Regional Practice Director, EMADR.
