The Presidency
Today, President Abdel Fattah El-Sisi received President of the World Bank Group, Mr. Ajay Banga.
The meeting was also attended by Minister of Foreign Affairs, International Cooperation and Egyptian Expatriates, Dr. Badr Abdelatty; Minister of Planning and Economic Development, Dr. Ahmed Rostom; the International Finance Corporation’s Regional Vice President for Africa, Mr. Ethiopis Tafara; World Bank Vice President, Mr. Ousmane Dione; Advisor to the President of the World Bank Group, Mr. Trevor Kincaid; Executive Director for the Arab Group at the World Bank, Mr. Abdulaziz Al Mulla; and World Bank Group Alternate Executive Director, Ambassador Hisham Nehad Seifeldin.
Spokesman for the Presidency Ambassador Mohamed El-Shennawy said the President commended the strategic partnership between the Government of Egypt and the World Bank Group, which supports national efforts toward achieving sustainable development and implementing the economic reform program. President El-Sisi lauded the projects undertaken by the World Bank Group in Egypt.
During the meeting, the President reviewed the measures taken by the Egyptian State over the past years in order to bolster economic performance and address the repercussions of regional and international crises. President El-Sisi pointed out Egypt’s engagement in the implementation of the national economic reform program in partnership with the International Monetary Fund, the IMF. The President also addressed the government’s efforts to restore economic stability, rectify imbalances resulting from regional and global crises, stabilize the foreign exchange market, and regulate the performance of the state’s general budget.
This is in addition to efforts to reduce inflation and public debt, increase employment rates, enhance private sector participation in economic activity, foster growth, enforce a cap on public investments, improve the business environment, and boost the volume of investments. The President affirmed that Egypt seeks to further enhance its fruitful developmental cooperation with the World Bank across various fields to support the State’s efforts to improve the standard of living for its citizens.
President El-Sisi underscored the Bank’s pivotal role in supporting developing nations to achieve the Sustainable Development Goals (SDGs). In this regard, the President highlighted Egypt’s implementation of the ‘Decent Life’ (Haya Karima) and ‘Takaful and Karama’ initiatives as central pillars of the strategy to fulfill the Sustainable Development Goals by 2030. This is in addition to the State’s projects to provide adequate housing, generate jobs, and mitigate unemployment, with a particular focus on youth empowerment.
The President of the World Bank Group expressed his profound appreciation for his visit to Egypt and meeting with the President. Mr. Banga confirmed the World Bank’s deep valuation of the decades-long collaboration with the Government of Egypt. He commended the ongoing coordination between the two sides in the implementation of a wide range of developmental projects across diverse sectors, including social protection, healthcare, food security, education, and climate change mitigation.
The President of the World Bank Group also commended the measures undertaken by Egypt to implement its economic reform program, enhance Foreign Direct Investment (FDI) inflows, stimulate economic growth, and achieve sustainable development.
The meeting also addressed regional developments. President El-Sisi reviewed Egypt’s efforts to contain current regional tensions, reaffirming Egypt’s steadfast position advocating the settlement of various regional crises through peaceful means. The President warned of the grave repercussions of the current escalating regional tensions on the security and stability of the entire region and the resources of its peoples, as well as the economic consequences resulting from the expansion of the current war, particularly on global prices in general and energy costs in particular, and on maritime navigation in the Red Sea.
President El-Sisi noted that Egypt has incurred losses of approximately $10 billion in Suez Canal revenues due to the war in Gaza over recent years. The President noted that the Egyptian State has also faced significant economic impacts from hosting approximately 10.5 million foreign nationals who sought refuge in Egypt due to conflicts in their home countries. President El-Sisi added that they receive the same essential services provided to Egyptian citizens, without Egypt receiving financial support in return, a situation that was duly acknowledged and appreciated by the President of the World Bank Group.
