Madbouly, World Bank President discuss Egypt’s economic reform agenda

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Prime Minister Mostafa Madbouly met with the World Bank Group’s President Ajay Banga to discuss Egypt’s economic and structural reform, according to a statement.

During the meeting, Madbouly affirmed that economic development, higher production rates, and human capital are among the top priorities set by President Abdel Fattah El-Sisi for the newly formed government.

This includes ensuring higher economic growth rates, coordinating fiscal and monetary policies, increasing employment rates, and curbing inflation.

The prime minister stated that Egypt injected approximately $550 billion over the past years to develop infrastructure, which has contributed to attracting foreign investment and raising growth rates.

For his part, Banga lauded Egypt's success in implementing its economic reform program and stabilizing macroeconomic indicators.

He affirmed the bank's support for Egypt in raising growth and employment rates and creating job opportunities.

The bank’s president highlighted the importance of the Egyptian government's efforts to develop infrastructure, the education sector, reform and modernize state institutions, and improve the health sector.

He praised the Central Bank of Egypt (CBE) for its role in leading monetary policy and achieving positive results, particularly in cutting inflation.