World Bank Finances 14 Projects Worth $6.9 Billion in Egypt

A team from the World Bank Group recently detailed its current portfolio of developmental cooperation with Egypt, presenting 14 projects valued at an impressive $6.9 billion. These projects span over a variety of sectors like education, health, sustainable infrastructure, social protection, local development, the financial sector, social housing, and the environment, aiming to promote comprehensive development in the country. This announcement came out as per the new 2023-2027 Country Strategy. Minister of International Cooperation Rania al-Mashat, Governor of Egypt at the World Bank Group, held a workshop with the World Bank office in Egypt to follow up on the ongoing projects, enhancing joint relations within the 2023-2027 Country Strategy. Discussions delved into increasing coordination with periodic World Bank missions for evaluation and preparation for the bank’s annual meetings. Egypt’s partnership with the World Bank Group, one of the most prominent multilateral development partners, plays a crucial role in shaping the country’s development vision and national priorities across various fields, said Mashat. She stressed the necessity of enhancing investment in human capital, developing infrastructure, empowering the private sector. The partnership also extends to preparing diagnostic reports on common interest areas including climate and development, a public expenditure review, and demographics. The results will be applied to implementable projects to derive maximum benefits. This collaboration between Egypt and the World Bank Group is reflective of a broader global intent to bolster economies, improve living standards and foster overall development.