Cairo – Mubasher: The World Bank Group intends to provide Egypt with more than $6 billion of support over the coming three years, subject to the board’s approval.
The financial assistance includes $3 billion to support the Egyptian government’s programmes, while the other $3 billion is allotted for the private sector, including mobilization, according to an official statement.
The Asset Monetization Program will be among the top important programmes that focus on increasing opportunities for private sector participation in the economy.
The World Bank has a long-term strategic partnership with Egypt and supports the measures undertaken by the country for its economic recovery and sustainable path for inclusive growth.
Furthermore, the World Bank is keen on exploring opportunities for guarantees to support impactful private sector investments as well as climate action in Egypt.
It is worth pinpointing that the World Bank’s current operational portfolio in Egypt surpasses $8 billion and comprises $6 billion from the International Bank for Reconstruction and Development (IBRD), $1.90 billion from the International Finance Corporation (IFC), and $500 million from the Multilateral Investment Guarantee Agency (MIGA).
In March 2023, the board of the World Bank endorsed the Country Partnership Framework with Egypt (2023-2027), which was later launched in May.
Earlier this month, Egyptian Prime Minister Mostafa Madbouly announced that Egypt reached a final deal with the International Monetary Fund (IMF).
