World Bank discusses new cooperation phase with Egypt

Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker, held a meeting with the World Bank’s Country Director for Egypt, Yemen, and Djibouti, and the Middle East and North Africa (MENA), Marina Wes, to explore a new phase of cooperation with Egypt, according to an official statement on November 20th.

Shaker noted that the strategic relations between Egypt and the World Bank bolstered the country’s efforts for transformation towards a green economy and promoted the participation of the private sector in development.

It is worth noting that the Egyptian electricity ministry signed a series of agreements with developers and investors from the local and international private sectors with direct foreign investment, on the sidelines of the United Nations Climate Change Conference (COP27) in Sharm El-Sheikh.

Egyptian state-owned entities signed a set of memoranda of understanding (MoUs) and framework agreements worth $119 billion during the events of COP27.