She declared World Bank Group It intends to provide financing worth $6 billion over the next three years, distributed between $3 billion to support the economic reform program implemented by the government, and $3 billion to empower the private sector.
“The Seventh Day” presents the most important information related to the new financing in the following points:
– $6 billion in World Bank financing over 3 years, $3 billion to support the economic reform program implemented by the government, and $3 billion to empower the private sector. This is within the framework of the bank’s commitment to the long-term strategic partnership with Egypt, and in implementation of efforts to support economic reform measures taken by the state to achieve economic recovery and comprehensive and sustainable growth.
The financing package focuses on increasing opportunities for private sector participation in the economy, through implementing the government proposal program, strengthening the governance of state-owned companies, and improving the efficiency and effectiveness of public resource management.
The strategic partnership with the World Bank Group for the period from 2023-2027 is based on the priorities of promoting private sector growth and providing job opportunities, enhancing investment in human capital through social protection, health and education systems, and enhancing resilience through innovative solutions in the field of Climate action and strengthening economic governance.
The current financing package enhances social protection efforts for the most needy groups, supporting the implementation of targeted economic reforms.
The World Bank Group, in cooperation with the government, intends to explore opportunities to support the private sector in Egypt and enhance climate action efforts based on the results of the Climate and Development Report issued in 2022.
Joint efforts with the World Bank aim to continue supporting the lowest-income groups through the Takaful and Dignity programme.
– The World Bank is strengthening the government’s efforts in implementing structural reforms through the development policy financing program “under discussion”, which is based on three axes. The first is enhancing economic competitiveness and improving the business environment, while the second axis is about strengthening macroeconomic resilience, and the third axis is stimulating Transition to a green economy.
Development policy financing aims to implement the state ownership policy document and reforms that enhance equal opportunities for private sector growth, under the umbrella of the strategic partnership framework between Egypt and the World Bank Group 2023-2027.
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