Cairo: Prime Minister Mostafa Madbouly has issued directives to form a working group to prepare Egypt’s official bid to host the Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in 2029. This announcement was made during a meeting at the government headquarters in the New Administrative Capital, focusing on coordinating efforts and necessary preparations for Egypt’s bid. The meeting included Governor of the Central Bank of Egypt Hassan Abdalla, Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Finance Minister Ahmed Kouchouk, and other officials.

According to State Information Service Egypt, Minister Rania Al-Mashat explained that the World Bank Group and the International Monetary Fund have historically been keen to hold their Annual Meetings jointly. Since 1953, the Board of Governors of both institutions has decided to convene these meetings outside Washington, D.C., once every three years to maintain efficiency and their international standing. She noted that Egypt had formally submitted a request in April to host the 2029 Annual Meetings of the WBG and the IMF.

Al-Mashat highlighted that the Annual Meetings typically take place in October and attract around 12,000 participants, including finance ministers, central bank governors, financial institutions, civil society organizations, academics, and media from 190 countries. She emphasized that during the meetings week, over 1,000 official and bilateral meetings and events are held, along with seminars and press conferences on global economic issues.

The minister further stated that to ensure the meetings’ success, the IMF and World Bank teams collaborate closely with the host country to evaluate facilities, transportation, visa processes, and other logistics, based on a guide developed from previous hosting experiences.