World Bank Commits USD6 Billion to Egypt Over Three Years

World Bank Commits USD6 Billion to Egypt Over Three Years
  • World Bank pledges $6 billion support to Egypt over a three-year period.
  • Funding aims to bolster Egypt’s economic recovery and promote inclusive growth.
  • Initiatives focus on private sector growth, job creation, human capital development, and climate resilience.

The World Bank Group plans to extend support exceeding US$6 billion to Egypt, over the forthcoming three years.

The bank will support with US$3 billion earmarked for governmental programs and an equivalent sum allocated for private sector endeavors (inclusive of mobilization), pending Board ratification.

The World Bank Group’s operational portfolio in Egypt exceeds US$8 billion, comprising contributions from the International Bank for Reconstruction and Development (US$6 billion), the International Finance Corporation (US$1.9 billion), and the Multilateral Investment Guarantee Agency (US$0.5 billion).

The World Bank Group remains steadfast in its enduring partnership with Egypt, actively endorsing the nation’s economic recovery initiatives and concerted efforts towards sustainable, inclusive growth.

Aligned with the Government of Egypt’s objectives, the World Bank Group’s collaborative endeavors strive to improve livelihoods and expand opportunities for the populace. 

The WB’s initiatives concentrate on pivotal areas such as stimulating private sector expansion and employment opportunities, bolstering human capital development through inclusive social welfare, healthcare, and education systems, and fortifying resilience through eco-friendly solutions and robust economic governance. 

Central to our approach is the protection and empowerment of the most marginalized and economically vulnerable segments, who bear the brunt of economic adversities.

Aligned with the national development agenda, the bank’s interventions will concentrate on fostering greater private sector involvement in the economy, including through the Government’s Asset Monetization Program, enhancing the governance of state-owned enterprises, and refining the efficiency of public resource management. 

“Moreover, we remain committed to exploring avenues for guarantees to bolster impactful private sector investments. Concurrently, we are actively engaged in advancing climate action initiatives, in alignment with Egypt’s climate priorities as outlined in the 2022 Country Climate and Development Report and the Government’s Nexus for Water, Food, and Energy platform. We will continue to extend support to the most vulnerable populations, notably through the Government’s Takaful and Karama program,” according to the World Bank’s official statement.

In parallel, discussions are underway for a Development Policy Financing (DPF) program, anchored on three strategic pillars: enhancing economic competitiveness and fostering a conducive business environment, bolstering macroeconomic resilience, and facilitating the green transition. 

The DPF framework will assist the Government in implementing the State Ownership Policy and fostering reforms conducive to equitable private sector expansion, according to the World Bank.

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