Launching the strategic partnership between Egypt and the World Bank to achieve the Sustainable Development Goals (SDGs)

Launching the strategic partnership between Egypt and the World Bank to achieve the Sustainable Development Goals (SDGs)

In her speech - yesterday, Sunday - at the conference to launch the strategic partnership between Egypt and theWorld Bank Group, the Minister of International Cooperation, Dr. Rania Al-Mashat, pointed out the importance of this strategic partnership, as a path to establishing ways of cooperation in the fields ofsustainable development over the five years. Next.

Al-Mashat spoke about the correct approach to managing this partnership, stressing that it is a partnership whose goals can only be achieved through agreement on national priorities, which are represented by the Egyptian government’s sustainable development plans “Egypt Vision 2030”, the National Structural Reform Program “NSRP”, the 2050 Climate Change Strategy “NCCS”, the National Strategy for the Empowerment of Egyptian Women, the national sectoral strategies, and the Egyptian Family Development Programme, in addition to To achieve consensus in implementing the government’s work program “Egypt Takes Action.”

According to the Minister, this development strategy aims to support the national efforts made by Egypt on its path to achieving sustainable - and also comprehensive - development to withstand multiple crises and obstacles. So that the standard of living of Egyptian citizens - including immigrants and asylum seekers - can be improved, the steps to recover from the effects of the Covid-19 pandemic can be accelerated, and the repercussions of the Russian-Ukrainian war and many of the international crises that have affected a number of countries can be confronted.

Dr. Rania Al-Mashat indicated that it is a partnership that places the Egyptian citizen at the center of its interests, and this is to achieve three main goals: The first goal: Providing various job opportunities in the private sector, by using methods to enhance the enabling environments for investments managed by the sector. To increase sustainable opportunities with competitive qualities, capable of achieving the requirements of the Fourth Industrial Revolution.

The second goal of this strategy is to support investment in human skills, then improve human capital outcomes among all governorates, by providing useful services that do not distinguish between one sector and another. Such as: education, health, housing, and transportation, in addition to providing equitable and comprehensive social protection programs.

Regarding the third goal, Al-Mashat explained that it revolves around supporting plans to withstand global crises, and this is by improving the management of the national economy and the capabilities of adapting to multiple climate changes.

It is worth noting that the partnership between Egypt and the World Bank Group includes - according to the minister’s words - two parallel axes, the first: supporting transparent and participatory governance, and the other: empowering women and girls. The Minister also added that the cooperation portfolio between Egypt and the World Bank includes 15 projects in many sectors, such as health, education, transportation, housing, oil, environment, local development, and other important sectors. With a total value of approximately $7 billion, in addition to 23 projects for technical and advisory services.

Al-Mashat indicated that the size of the investment portfolio at the International Finance Corporation - the arm of the World Bank for financing the private sector - is about $1.3 billion in many important sectors; Such as: construction, financial sector, renewable energy, education, industry, and health. She stated that financing green bonds from the Commercial International Bank is the most prominent recent financing made available by this international institution, in addition to the “Benban Solar Power Plant” project.

In conclusion, the Minister noted the importance of the size of the MIGA guarantee portfolio, as it amounted to about $480 million in the private sector.