PRESS RELEASE: Today, President Abdel Fattah El Sisi met with President of the World Bank Dr. Jim Yong Kim. Dr. Kim commended the success of the “Egypt Economic Development Conference”, noting the scale of participation, which reflected the keen interest the world has in Egypt and its economic recovery. He stated that he looked forward to hearing the President’s views on how to enhance cooperation between Egypt and the World Bank as well as Egypt’s short and long term priorities. Dr. Kim stated that the World Bank plans to double its investment in Egypt.
The President stressed the importance of Egypt’s relations with the World Bank, as one of Egypt’s principal partners in development. He praised the level of their cooperation in support of the development process in the country across a variety of fields and looked forward to enhancing it in the future. The President added that Egypt looks forward to supporting Small and Medium-sized Enterprises (SMEs) and microenterprises to create jobs for the youth. He noted that Egypt is also focused on national projects in the fields of education, technical education, vocational training, infrastructure and new and renewable energy. He added that Egypt aims to realize these goals by implementing an ambitious national economic program, which calls for consolidated international efforts, particularly those of financial institutions such as the World Bank, to be closely coordinated with national efforts in this regard.
President El Sisi stressed that Egypt’s top priority is to improve the living conditions of the Egyptian citizen by raising the quality of services they receive, such as clean drinking water and sanitation as well as eradicating squatter areas. He added that providing jobs is of utmost importance, especially as the youth comprise the vast majority of the population. The President emphasized that Egypt is determined to overcome its problems and seeks effective and viable solutions.
Dr. Kim stressed that the role of the World Bank should go beyond focusing on a country’s Gross Domestic Product (GDP) growth rates to include insight into economic and social development and their effect on a country’s quality of life. He emphasized that the World Bank welcomes new ideas and provides assistance to world leaders, who want to fulfill the aspirations of their peoples. He noted that regional stability and progress are dependent on Egypt and its political leadership and stressed that Egypt is the cornerstone for that stability. The World Bank is therefore committed to supporting its development.
The President reviewed the latest economic policies and measures that the Egyptian government has adopted to improve economic growth, reduce the budget deficit and realize overall economic stability. This is in addition to the national projects underway; reclaiming one million feddans of agricultural land, adding 3600 KM to the national road network, building 250,000 affordable housing units and completing the New Suez canal project. The President extended an invitation to the President of the World Bank to attend the inauguration ceremony.
Dr. Kim underlined that he will convey Egypt’s commitment to comprehensive development to the international community, noting that Egypt’s success is one of its priorities. He also noted that the World Bank has a keen interest in improving education in the Middle East, give that education is at the core of development and progress. He expressed admiration for what Egypt has recently accomplished and highlighted the Egyptian leadership’s continued commitment to progress. The World Bank therefore looks forward to enhancing its partnership with Egypt so as to contribute to its development. He noted that Egypt’s success will instill hope in the region and will complement the World Bank’s efforts in this regard.
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