(MENAFN) The World Bank's board has approved a new Country Partnership Framework for Egypt that provides the country with $7 billion in funds over the 2023 to 2027 fiscal years. The framework is in line with the Egyptian government's two-pronged 2030 and 2050 development and climate change plans, according to the Washington-based lender.
The agreement will be enforced jointly by the World Bank, the International Finance Corporation, and the Multilateral Investment Guarantee Agency (Miga), building on the three institutions’ current portfolios and adopting a flexible approach to lending. The framework will be supported through $7 billion in lending, with the International Bank for Reconstruction and Development (IBRD) extending $1 billion a year for the entire period, while about $2 billion will come from the International Finance Corporation (IFC), in addition to guarantees from Miga.
The agreement will be carried out in coordination with Egypt's Ministry of International Cooperation, headed by Rania Al-Mashat, who is also the World Bank Group’s governor in the country. The framework deal aims to support Egypt’s efforts to build back better by creating conditions for green, resilient, and inclusive development. It puts the Egyptian people at the center of its strategy, with a heavy focus on job creation, by improving the business environment and leveling the playing field, said Marina Wes, World Bank country director for Egypt, Yemen, and Djibouti.
The framework's approval is expected to help Egypt address its economic challenges, including high unemployment, poverty, and vulnerability to climate change. It also reflects the World Bank's ongoing commitment to supporting Egypt's development efforts, which include promoting private sector growth, investing in human capital, and enhancing the country's infrastructure.
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