Egyptian Foreign Minister Dr. Badr Abdel Aati, also serving as Egypt's governor to the World Bank Group, met with World Bank President Ajay Banga on September 22. The meeting took place on the sidelines of the high-level 81st session of the UN General Assembly in New York. The discussions focused on strengthening cooperation between Egypt and the World Bank Group to support Egypt's national economic and development objectives.
According to the official spokesperson of the Ministry of Foreign Affairs, Ambassador Nader Zaki, Dr. Abdel Aati expressed his appreciation for the close coordination between Egypt and the World Bank Group. This coordination is particularly notable in light of the completion of the second phase of the development policy financing program framework. Dr. Abdel Aati also expressed his desire to see the completion of the third and final phase of this program.
Dr. Abdel Aati praised the World Bank Group's support for Egypt's efforts to implement its economic reform program and promote sustainable development. This support includes national projects and presidential initiatives, such as the "Hayah Karima" (A Dignified Life) initiative. The initiative aims to improve the living conditions of Egyptian citizens.
During the meeting, Dr. Abdel Aati also expressed his wish to participate in the annual meetings of the World Bank Group and the International Monetary Fund (IMF), scheduled to take place in Thailand in October. He reaffirmed the Egyptian government's commitment to continuing the implementation of the economic reform program to foster inclusive and sustainable growth.
Dr. Abdel Aati presented the efforts made by the Egyptian government to develop the program for introducing public enterprises to the stock exchange and expanding the base of listed companies. He emphasized that empowering the private sector and creating a conducive investment environment are major priorities. The private sector is considered the primary driver of economic growth.
The discussions also touched on the repercussions of the military escalation in the region on the global economy. Dr. Abdel Aati asserted that the Egyptian economy has demonstrated resilience due to the structural and monetary reforms implemented over the past few years. He presented the state's efforts to strengthen its capacity to cope with the economic consequences of regional tensions.
These efforts include ensuring a sustainable supply of energy and essential goods. This approach is part of a proactive strategy to preserve macroeconomic stability and ensure the continuation of the reform process. The meeting between Dr. Abdel Aati and Ajay Banga reflects the ongoing cooperation between Egypt and the World Bank Group.
Key points
- Egypt and the World Bank Group discuss ways to strengthen cooperation to support Egypt's national economic and development objectives.
- Dr. Abdel Aati expresses appreciation for the World Bank Group's support for Egypt's economic reform program and sustainable development efforts.
- Egypt's economy has shown resilience due to structural and monetary reforms implemented over the past few years.
