World Bank Approves $700 Million to Support Egypt’s Private Sector, Economic Resilience, and Green Growth
In a move to bolster Egypt’s private sector, economic resilience, and green growth, the World Bank has approved $700 million in financing.
Development Policy Financing Operation
The Development Policy Financing operation is aimed at helping Egypt address short-term economic challenges while implementing structural reforms to stimulate private sector growth.
Green Transition
One of the key objectives of the financing is to accelerate Egypt’s green transition by expanding renewable energy sources and enhancing efficiency in the electricity, water, and sanitation sectors.
Egypt’s Minister of International Cooperation
Rania Al-Mashat, Egypt’s minister of international cooperation, emphasized the government’s commitment to ambitious economic and structural reforms to create a more competitive, green, and private sector-led economy.
Partnership with World Bank
Al-Mashat highlighted the longstanding partnership between Egypt and the World Bank in driving development and reform efforts in the country.
Key Reforms
The Development Policy Financing operation will focus on key reforms such as governance for state-owned enterprises, strengthening the Egyptian Competition Authority, improving payroll tax accuracy, promoting renewable energy, and establishing a regulatory framework for a voluntary carbon credit market.
Support for Egypt
The World Bank Group announced a three-year $6 billion program to support Egypt, with a focus on creating sustainable jobs and building resilience to climate change.
Alignment with National Priorities
The Development Policy Financing aligns with Egypt’s national priorities and strategies, including the Sustainable Development Strategy Vision 2030, the State Ownership Policy, the National Climate Change Strategy 2050, and the Nexus of Water, Food, and Energy.