World Bank appoints Stephane Guimbert new country director for Egypt

Guimbert has worked for the bank for 22 years in various senior positions.

Before assuming his new role, he served as the bank's Director General of Operations and has extensive experience in operational policy, pandemic response, climate change programs, and financing strategy.

Guimbert has also worked as Director of IDA and IBRD Resource Mobilization and Corporate Finance.

Before joining the bank, Guimbert worked as an economist in trade and tax policy for the French Ministry of Economy and Finance. Guimbert holds advanced degrees from leading French universities and is married with five children.

He replaces Marina Wes, who led the World Bank's operations in Cairo since 2019.

In March, the World Bank announced a $7 billion financing programme for Egypt to support its country partnership framework through 2027.

The International Financial Corporation (IFC), the World Bank's financial arm, is currently helping the country through its privatization programme after an agreement was signed in June.

The Egyptian government plans to offer stakes in 35 state-owned companies to strategic investors by the end of June 2024, under the State Ownership Policy Document.