World Bank group announces over USD6B support plan for Egypt over 3 years
Date
3/19/2024 4:24:24 AM
(MENAFN) On Monday, the World bank Group unveiled its plans to extend more than USD6 billion in support to Egypt over the upcoming three years. This comprehensive assistance package comprises USD3 billion allocated towards bolstering the government's initiatives and programs, with an additional USD3 billion earmarked for the private sector, including mobilization efforts.
The programs under this financial aid initiative are designed to prioritize enhancing opportunities for private sector engagement within the economy. This includes strategic emphasis on initiatives such as the government's Asset Monetization Program, aimed at facilitating greater private sector involvement. Additionally, the support will focus on strengthening the governance structures of state-owned enterprises and enhancing the efficiency and effectiveness of public resource management systems.
Highlighting its ongoing commitment to Egypt, the World Bank Group disclosed that its existing operational portfolio in the country stands at over USD8 billion. This includes substantial contributions from entities such as the International Bank for Reconstruction and Development, totaling USD6 billion, along with USD1.9 billion from the International Finance Corporation and USD0.5 billion from the Multilateral Investment Guarantee Agency.
This announcement comes in the wake of Egypt's recent agreement with the International Monetary Fund (IMF) for an expanded USD8 billion loan arrangement earlier in the month. Such collaborative efforts between international financial institutions and the Egyptian government underscore a concerted push towards fostering economic development and resilience in the country.
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