MEMPHIS REISEN

World Bank to provide over $6bn in support to Egypt over three years – Dailynewsegypt

The World Bank Group reaffirms its commitment to a long-standing strategic partnership with Egypt, endorsing the country’s efforts towards economic recovery and the pursuit of sustainable, inclusive growth.

“In collaboration with the Egyptian Government, the World Bank Group endeavors to enhance the quality of life and expand opportunities for the populace. Our initiatives bolster Egypt’s focus on pivotal sectors such as private sector expansion, job creation, and human capital development through comprehensive social protection, healthcare, and education. Moreover, we aim to build resilience by implementing climate-smart strategies and fortifying economic governance, with particular emphasis on safeguarding and investing in the most impoverished and vulnerable communities affected by economic turbulence,” the World Bank said.

In the forthcoming three years, the World Bank Group plans to allocate over $6bn to support Egypt. This includes $3bn earmarked for governmental programs and another $3bn dedicated to the private sector, including mobilization efforts, pending Board consent. Our support aligns with the Government’s developmental objectives, concentrating on amplifying private-sector engagement in the economy. This is facilitated through initiatives like the Government’s Asset Monetization Programme, enhancing the governance of state-owned enterprises, and optimizing public resource management. The World Bank Group remains keen on identifying guarantee opportunities that bolster significant private sector ventures.

Leveraging insights from the 2022 Country Climate and Development Report and the Government’s integrated Water, Food, and Energy Nexus platform, the World Bank Group champions climate action in Egypt. Our commitment extends to the nation’s most vulnerable groups, notably through the Takaful and Karama welfare programmes. Concurrently, discussions are underway regarding a Development Policy Financing (DPF) programme, which is founded on three core pillars: boosting economic competitiveness, fostering a conducive business environment, building macroeconomic resilience, and endorsing the green transition. The DPF is poised to assist the Government in executing the State Ownership Policy and instituting reforms that create a level playing field, thereby catalyzing private sector growth.

This amalgamation of knowledge-sharing and financial assistance is encapsulated within the Country Partnership Framework with Egypt (2023-2027), ratified by the Board of Directors in March 2023. The Framework, which was inaugurated in Cairo in May 2023, is the result of thorough consultations and is harmonized with Egypt’s national strategies.

The World Bank Group’s active portfolio in Egypt, exceeding $8bn, consists of $6bn from the International Bank for Reconstruction and Development, $1.9bn from the International Finance Corporation, and $0.5bn from the Multilateral Investment Guarantee Agency.