Egypt’s President Abdel Fattah Al-Sisi met Ajay Banga, President of the World Bank Group, on Monday, reaffirming Egypt’s commitment to economic reform and warning of the mounting economic costs of ongoing regional tensions, including an estimated $10bn loss in Suez Canal Authority revenues in recent years. According to a presidency statement, Al-Sisi praised the strategic partnership between Egypt and the World Bank in advancing sustainable development and supporting the country’s economic reform programme, highlighting projects implemented across multiple sectors. The president reviewed measures undertaken in recent years to strengthen macroeconomic performance and mitigate the impact of successive global and regional shocks. Al-Sisi also reiterated Egypt’s keenness to deepen development cooperation with the World Bank to improve living standards. He stated that Egypt had incurred losses of around $10bn in Suez Canal revenues due to the Gaza war and associated disruptions to Red Sea shipping.

Source: Daily News Egypt March 02, 2026 18:11 UTC