WASHINGTON, April 22 (MENA) - Minister of Planning, Economic Development and International Cooperation and Governor of Egypt at the World Bank (WB) Group Rania al-Mashat discussed with WB Managing Director of Operation Axel van Trotsenburg innovative strategies being developed with the bank to lure foreign direct investments (FDIs), strengthen the industrial sector, and support trade exchange in a way that contributes to achieving sustainable economic growth.

During intensive meetings the minister of international cooperation held Tuesday with WB senior management, at the beginning of her participation in the Spring Meetings of the WB Group and the International Monetary Fund (IMF), held in Washington under the title “Jobs...the Path to Prosperity,” the minister stressed the importance of the role of the International Development Association (IDA) in supporting the least developed and lowest-income countries, especially in light of the worsening global economic developments that reduce the ability of low-income countries to move forward in their path toward development, in addition to its role in creating partnerships between countries of the South.

Mashat highlighted the close relationship between Egypt and the WB Group; being among the largest multilateral development banks operating in Egypt and accounts for about 21.8% of the current development cooperation portfolio.

She pointed out to Egypt's keenness on enhancing cooperation with the WB Group, within the framework of developing the bank's approach to transform itself into a "knowledge bank" that offers policy advice and technical assistance to serve the objective of the promotion of world-wide sustainable economic development and poverty reduction.
(MENA)

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