Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held bilateral meetings with the CEO of the International Trade Finance Corporation, acting CEO of the Islamic Foundation for private sector development, head of the Climate Investment Fund, vice president of the World Bank Group, and vice president of Citibank Global Group, during her participation in the 2024 World Bank Group Annual Meetings in Washington.
International Islamic Trade Finance Corporation
Dr. Rania El-Mashat, Minister of Planning, Economic Development and international cooperation and Governor of Egypt at the Islamic Development Bank Group, met with Eng.Hany Salem senbel, CEO of the International Islamic Trade Finance Corporation and acting CEO of the Islamic Foundation for the development of the private sector, to follow up on aspects of cooperation between Egypt and the foundation, and open new horizons of cooperation within the framework of the priorities of the Egyptian government, during the activities of the annual meetings of the International Monetary Fund and the World Bank Group for 2024 in Washington, D.C. from October 21 to 26.
At the beginning of the meeting, Dr. Rania Al-Mashat thanked the foundation for the outstanding and fruitful cooperation programs that have been implemented with the Egyptian government over the past years, which have contributed significantly to enhancing Egypt’s foreign trade and providing strategic goods, stressing the Egyptian government’s aspiration to continue fruitful cooperation with the foundation in the future, and update the cooperation frameworks to match the current global and regional changes in order to achieve the common interests of both parties.
The two sides discussed maximizing cooperation between the government and the International Islamic Trade Finance Corporation, as well as the Islamic Corporation for the development of the private sector, and diversifying it to include infrastructure areas, pointing to the structural reform efforts currently being implemented by the Egyptian government, to ensure wider participation of the private sector, enhance the contribution of the real sector and exports to the national product, as well as controlling financial spending, enhancing the business environment, and discussed preparations for the renewal of the country program with the foundation.
She pointed out that there are great opportunities to strengthen cooperation between the government and the two institutions in order to encourage the private sector, especially in light of the great links they enjoy in the African, European and Asian markets, especially in the renewable energy, green hydrogen and other priority areas.
For his part, Eng.Hany Salem senbel, CEO of the International Islamic Trade Finance Corporation and acting CEO of the Islamic Corporation for the development of the private sector, stressed the appreciation of the Islamic Development Bank and its affiliated institutions for strategic cooperation with Egypt, and keenness to develop cooperation to include more areas, especially at the level of trade, investment, and food security.
CIF Climate Investment Fund
On the other hand, the minister of Planning, Economic Development and International Cooperation held a meeting with Ms. Terai gabidjscan, CEO of the CIF Climate Investment Fund, where the two sides discussed the axes of joint cooperation, within the framework of the partnership that was previously launched with the fund to support Egypt’s efforts in the field of green transformation through the Nature people and Climate Initiative
In this context, the minister of Planning, Economic Development and international cooperation pointed to the successful partnership with the CIF Climate Investment Fund, which began before the cop27 climate conference, and the need to highlight this partnership as a success story. In the same context, the two sides discussed the developments in the implementation of the partnership between the two sides to benefit from the funding and technical support available through the Nature people and Climate Initiative, for the projects of the “Novi” program, where it is scheduled to receive a mission during next November from the fund, to continue discussions with the concerned authorities in this regard.
The World Bank Group
Dr. Rania Al-Mashat held a bilateral meeting with Mr. andermet Gil, chief economist of the World Bank Group and senior vice president of the bank for development economics, where the two sides discussed a number of files of joint cooperation between the Arab Republic of Egypt and the bank, especially the foreign direct investment strategy, the first draft of which was completed in coordination with the General Authority for investment and free zones, and the concerned national authorities, where the strategy is of great importance, especially as it comes in light of the directives of President Abdel Fattah al-Sisi, as well as the mandates of the Supreme Investment Council, in order to advance the efforts of the state to attract foreign direct investments. The two sides also discussed developments in the preparation of the industry development strategy.
In this regard, the minister referred to the structural reforms implemented by the government over the past months, which confirm the state’s commitment to move forward towards enhancing the competitiveness of the Egyptian economy, encouraging the private sector, and giving way to local and foreign investments, explaining that these reforms vary in different priority areas reflected on accelerating the pace of growth in these sectors and stimulating competitiveness.
The minister of Planning, Economic Development and international cooperation discussed the future steps of cooperation with the Bank, noting Egypt’s aspiration to cooperate with the bank at the level of growth and employment reports, to enhance economic development efforts, as well as provide technical support to the ministry’s entities.
The meeting touched upon cooperation with the bank to include Egypt in the business-Ready business environment Readiness report in 2026, which replaces the “Doing Business” Report, as the report relies on assessing the business climate, through a comprehensive set of data using 1200 indicators for each economy, in order to identify areas that need to develop and stimulate reforms, and provide a comprehensive vision on the growth of the private sector, which is already in line with the Egyptian government’s agenda to give way to the private sector, and increase its contribution to economic activities.
Citibank Global Group
Dr. Rania Al-Mashat also held a meeting with Mr. Jay Collins, vice president of Citibank investment group for banking services and capital markets, where the two sides continued their discussions after the meeting held at the ministry’s headquarters last September to discuss enhancing joint cooperation to support the country’s development efforts and work to achieve comprehensive and sustainable economic development, the government’s priorities in the current period, and discuss opportunities for cooperation with the bank to support economic and structural reform efforts, and contribute to the measures being implemented to encourage foreign direct investments, attract private investment, and expand innovative financing mechanisms.
