The World Bank has approved the allocation of substantial financing to the Arab Republic of Egypt over the next five years, to help the government continue to implement support and social protection projects with the aim of recovering from the consequences of successive crises in the most populous country in the Arab region.
The World Bank's Board of Executive Directors approved a new $7 billion partnership framework with Cairo until 2027 to support development projects in the country, in partnership with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
The allocations include $1 billion annually from IBRD, about $2 billion during the entire partnership period from IFC, and guarantees from MIGA.
The World Bank noted that the new partnership strategy aims to enhance Egypt's role in achieving regional integration by promoting regional trade and increasing interconnection services in the fields of infrastructure, transport, energy, and employment. The program also aims to support Egypt's efforts to create the conditions for achieving resilient and inclusive green development.
Egypt is trying to repair an economy that has been hit by a crisis over the fallout from the war between Russia and Ukraine, which has led to a rise in food and energy prices, hurt tourism revenues and made hot money flee its market.
Source (Al-Arab Newspaper London, Edited)
