Cairo: President Abdel Fattah El-Sisi met with Mr. Ajay Banga, President of the World Bank Group, to discuss strategic partnerships and economic reforms. The meeting, held on Monday, March 2, 2026, included key Egyptian ministers and World Bank officials.
According to State Information Service Egypt, President El-Sisi commended the strategic partnership between Egypt and the World Bank Group, highlighting its role in supporting Egypt's sustainable development and economic reform initiatives. The President praised the World Bank's projects in Egypt and discussed the measures taken by the Egyptian State to enhance economic performance and address the impacts of regional and international crises.
President El-Sisi outlined Egypt's collaboration with the International Monetary Fund on a national economic reform program. He emphasized the government's efforts to restore economic stability, stabilize the foreign exchange market, and regulate the state's general budget, along with efforts to reduce inflation, public debt, and increase employment rates. The President expressed Egypt's commitment to improving the business environment and boosting investments, aiming to enhance developmental cooperation with the World Bank across multiple sectors.
The discussion also focused on the World Bank's critical role in supporting developing nations to achieve the Sustainable Development Goals (SDGs). President El-Sisi highlighted initiatives like 'Decent Life' (Haya Karima) and 'Takaful and Karama,' which aim to fulfill the SDGs by 2030, alongside state projects to provide housing, generate jobs, and empower youth.
Mr. Banga expressed appreciation for the collaboration with Egypt, emphasizing the World Bank's commitment to ongoing coordination in developmental projects spanning social protection, healthcare, food security, education, and climate change mitigation. He lauded Egypt's economic reform measures and efforts to enhance Foreign Direct Investment, stimulate growth, and achieve sustainable development.
Regional developments were also addressed, with President El-Sisi reaffirming Egypt's commitment to peaceful resolutions of regional crises. He warned of the repercussions of escalating tensions on regional security and economic stability, particularly highlighting the impacts on global prices and maritime navigation in the Red Sea.
President El-Sisi disclosed that Egypt has incurred significant economic losses due to regional conflicts, including $10 billion in Suez Canal revenue losses from the war in Gaza. He also noted the economic burden of hosting approximately 10.5 million foreign nationals without receiving financial support, a situation acknowledged by Mr. Banga.