WASHINGTON, December 16, 2022 – Today, World Bank Group President David Malpass met with President Abdel Fattah El-Sisi of Egypt.
Noting the strong and longstanding engagement between the World Bank Group (WBG) and Egypt, President Malpass and President El-Sisi held productive talks on the World Bank’s support for Egypt, including the upcoming Country Partnership Framework.
President Malpass and President El-Sisi discussed the economic headwinds facing Egypt, including the latest currency devaluation, the impacts of the Russian invasion of Ukraine, tightening monetary conditions, and domestic imbalances. President Malpass and President El-Sisi also spoke on the energy and fertilizer shortage and the rising food prices. President Malpass emphasized to President El-Sisi the importance of well-targeted cash transfers to protect the poor and vulnerable as Egypt builds a path to stability and was glad to mention the WBG’s large current and planned support in this area. President Malpass welcomed Egypt’s recent approval of the State Ownership Policy and emphasized the importance of reforms of SOEs and the business-enabling environment.
Malpass congratulated President El-Sisi on Egypt’s hosting of COP27 on climate issues. President Malpass was glad to mention to President El-Sisi the recent Country Climate Diagnostic Report (CCDR) for Egypt and the WBG’s support for Egypt’s energy transition toward lower-carbon growth.
President Malpass and President El-Sisi discussed key regional issues, including efforts to end conflicts, Ethiopia’s peace process, Sudan’s transition, and the importance of efforts related to the energy and water sectors.