Arab FinanceDr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Governor of Egypt at the World Bank, held: Extended discussion session with Ajay BangaPresident of the World Bank Group; The meeting witnessed extensive discussions on the latest developments in aspects of cooperation between the Arab Republic of Egypt and the World Bank, one of the largest multilateral development banks.
The meeting discussed the partnership with the International Finance Corporation and the Multilateral Investment Guarantee Agency (MIGA), to support efforts to empower the sector in Egypt. In this regard, the Minister of Planning, Economic Development and International Cooperation indicated the importance of creating innovative partnerships between the two institutions and other international institutions in Egypt, in order to Strengthening efforts to make financing mechanisms available to the private sector.
During the meeting, Dr. Rania Al-Mashat stressed that achieving progress in structuring the global financial system has become an urgent necessity to confront development challenges and the successive crises that affect the entire world, especially emerging and developing economies, pointing out that the development of the World Bank Group is one of the important axes for activating Structuring the global financial system, and the steps taken so far in launching a guarantee platform and launching the Trust Fund for the Project Preparation Grants Facility are good developments in this regard, and must be built upon to achieve further progress.
The two sides discussed future projects at the level of financing development policies, and the governance of state ownership in companies owned by it or in which it contributes. They also touched on the Joint Capital Market Program (J-CAP), which is implemented by the International Finance Corporation in 18 countries around the world to discuss the proposed axes of joint cooperation. To develop the capital market in Egypt.
In another context, the President of the World Bank spoke about the Jobs Advisory Council that the World Bank launched last August to develop implementable policies and programs to enhance employment and address the lack of job opportunities in the countries of the South. In this context, the Minister of Planning, Economic Development and International Cooperation stressed the importance of this council and the possibility of enhancing cooperation and integration with the initiatives launched by the Ministry in this regard, such as the Balad Youth Initiative.
The Minister also referred to the partnership with the bank by providing technical support and soft financing for the projects of the national platform for the “Novi” program. They also discussed the ongoing discussions about finalizing the national strategy for foreign direct investment that is being prepared with the General Authority for Investment and the concerned authorities, as well as the industry strategy.
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