Egyptian Foreign Minister Badr Abdellati met with World Bank Group President Ajay Banga on the sidelines of the 81st United Nations General Assembly in New York. The meeting aimed to enhance cooperation between Egypt and the World Bank Group to support Egypt's economic and development goals. Minister Abdellati expressed appreciation for the close coordination between Egypt and the World Bank Group, particularly in light of the completion of the second phase of the Development Policy Financing (DPF) program.
During the meeting, Minister Abdellati looked forward to completing the third and final phase of the DPF program. He also appreciated the World Bank Group's support for Egypt's economic reform efforts and sustainable development initiatives, including the "Decent Life" initiative. The minister emphasized the government's commitment to continuing economic reforms to achieve inclusive and sustainable growth. He also expressed his aspiration to participate in the World Bank Group and International Monetary Fund annual meetings in October.
Minister Abdellati reviewed Egypt's efforts to develop its privatization program and expand the base of listed companies. He stressed that empowering the private sector and creating a conducive investment environment is a top priority as the main driver of economic growth. The meeting also touched on the economic implications of the military escalation in the region. The minister noted that Egypt's economy has shown resilience due to structural and monetary reforms implemented in recent years.
World Bank Group President Ajay Banga expressed appreciation for the distinguished relations between the World Bank and Egypt. He praised Egypt's economic performance in light of current regional and international challenges. Banga noted the package of economic and structural reforms implemented by the Egyptian government, which contributed to enhancing financial and monetary stability, improving the investment climate, and supporting economic empowerment and social protection efforts.
President Banga also acknowledged Egypt's pivotal role in promoting regional and international stability and development. He emphasized Egypt's position as a key partner in addressing common challenges and achieving sustainable development in the region. The meeting highlighted the importance of continued cooperation between Egypt and the World Bank Group to support Egypt's development goals.
The two sides discussed ways to strengthen cooperation in various areas, including economic development, infrastructure, and social protection. They also exchanged views on the current economic challenges facing the region and the world. The meeting concluded with a commitment to continue working together to achieve Egypt's economic and development goals.
The meeting between Minister Abdellati and President Banga reflects the strong partnership between Egypt and the World Bank Group. The two sides are committed to enhancing cooperation and supporting Egypt's efforts to achieve sustainable development and economic growth.
Key points
- Egypt's Foreign Minister Badr Abdellati met with World Bank Group President Ajay Banga to discuss cooperation and support for Egypt's economic development goals.
- The meeting aimed to enhance cooperation between Egypt and the World Bank Group to support Egypt's economic and development goals.
- The two sides discussed ways to strengthen cooperation in various areas, including economic development, infrastructure, and social protection.
