PM commends WB support for economic, structural reform

2026-03-03 - 10:24

CAIRO, March 3 (MENA) – Prime Minister Mostafa Madbouly said the World Bank (WB) remains among Egypt’s key international partners in advancing sustainable development and implementing the country’s economic and structural reform agenda under Egypt Vision 2030. The prime minister made the remarks during a meeting on Monday with President of the World Bank Group (WBG) Ajay Banga during the latter’s first official visit to Egypt. Senior government officials attended the talks. Madboulypraised the strategic partnership framework (2023–2027) with the WB for supporting national reform efforts and financing major development projects. He also highlighted the bank’s backing of presidential initiatives, topped by the “Decent Life” initiative aimed at improving citizens’ quality of life. Madbouly said Egypt has successfully navigated significant challenges since 2011 and implemented a comprehensive reform program under the vision of President Abdel Fattah El Sisi, achieving greater macroeconomic stability and nationwide development. Madbouly outlined government priorities, including boosting growth and employment, curbing inflation, reducing public debt, expanding investment, empowering the private sector, and advancing education and healthcare. Madbouly noted that Egypt has invested around $550 billion in infrastructure development in recent years, helping attract foreign investment and enhance growth rates. He also highlighted cooperation with the International Finance Corporation (IFC) on expanding private-sector participation, including airport management, and improving the investment climate through regulatory and fiscal reforms. For his part, president of the WBG commended Egypt’s progress in economic reform and macroeconomic stabilization, reaffirming the World Bank’s support for growth, job creation, and human development. He praised efforts to upgrade infrastructure, education, healthcare, and state institutions, stressing the importance of further developing the tourism sector in light of Egypt’s unique cultural and geographic advantages. Banga also lauded the role of the Central Bank of Egypt in steering monetary policy and achieving tangible progress in reducing inflation. (MENA)