Latest news with #WorldBank-led
Daily News Egypt
7 days ago
- Business
- Daily News Egypt
World Bank proposes Egypt join new global health initiative
Egypt and the World Bank have discussed strengthening cooperation to support the country's economic development, with the bank proposing that Egypt join a new global health initiative, the planning ministry said on Tuesday. The proposal was made during a meeting between Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, and the World Bank's Regional Director for Egypt, Yemen, and Djibouti, Stephane Guimbert. According to a ministry statement, Guimbert presented an overview of a new World Bank-led global health initiative that aims to expand basic health coverage to an additional 1.5 billion people in middle- and low-income countries. He raised the idea of Egypt joining as a key participant, citing the country's significant progress in health sector reforms, particularly the implementation of its Universal Health Insurance system, which is one of the largest social protection projects in the region. For her part, Al-Mashat emphasized the importance of the partnership with the World Bank Group as a 'knowledge partner' to the Egyptian government. She highlighted joint efforts to develop a comprehensive implementation plan to achieve economic development, support macroeconomic stability, promote industrial development, mobilise foreign direct investment (FDI), and increase investment in human capital. The minister also outlined the government's national narrative for economic development, a framework which she said aims to create a unified development discourse. Its pillars include preparing a National Strategy for Industrial Development to increase exports, enhancing the value-added of manufacturing, expanding the green economy's contribution to GDP, and promoting investment in human capital. The meeting also covered updates on the World Bank's existing portfolio in Egypt, including the Universal Health Insurance Project, the Sustainable Rural Sanitation Services Programme, the Takaful and Karama social safety net programme, the Upper Egypt Local Development Program, and the Cairo-Alexandria Trade Logistics Development Project.
Canada Standard
23-05-2025
- Business
- Canada Standard
G7 Finance Ministers and Central Bank Governors conclude productive meeting in Banff
Canada News Centre 23 May 2025, 00:33 GMT+10 May 22, 2025 - Banff, Alberta - Department of Finance Canada Today, G7 Finance Ministers and Central Bank Governors concluded their meeting in Banff, Alberta, which is part of Canada's 2025 G7 Presidency. The Honourable Francois-Philippe Champagne, Minister of Finance and National Revenue, and Tiff Macklem, Governor of the Bank of Canada, co-chaired the meeting. Ministers and Governors reached agreement on a communique which emphasized, above all, the the importance of G7 unity in the face of complex global challenges. In advance of the Leaders' Summit next month in Kananaskis, Alberta, the meeting included a productive and frank exchange on the global economy, unsustainable global imbalances, and ways to promote growth and productivity. Ministers and Governors agreed to: a G7 Financial Crime Call to Action to spur further concrete progress in tackling financial crime, including money laundering and terrorist financing. Canada will contribute $4.8 million in new technical assistance to developing economies so they can contribute to this effort; support the expansion of the World Bank-led Resilient and Inclusive Supply-Chain Enhancement (RISE) Partnership to strengthen the integration of developing countries into critical minerals supply chains. Canada will contribute $20 million to support the expansion of the RISE Partnership, including in Latin America and the Caribbean; address risks stemming from the large increase in low-value shipments imported into G7 markets; and continued unwavering support to Ukraine, an agreement to continue to explore all possible options to hold Russia to account, including further ramping up sanctions, as well as efforts to foster private sector participation in the recovery and reconstruction of Ukraine. Canada is a stable, reliable, and innovative partner with a wealth of natural resources and expertise. Through our G7 Presidency, we will shape the global agenda - working with allies and partners to grow our economies, defend Canadians' interests, and address the most pressing global challenges.
