World Bank Allocates USD 700 Million For Egypt

(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – The World Bank announced Monday (24) from Washington, the United States, USD 700 million in Development Policy Financing for Egypt to support the country to shift toward more private sector participation, better macroeconomic and fiscal resilience, and a greener growth trajectory. The financing is part of the World Bank's intended 3-year USD 6 billion program of support for Egypt

According to the World Bank, the financing is designed to help Egypt address short-term economic challenges while advancing the next generation of structural reforms to level the playing field to unleash private sector growth, build macroeconomic and fiscal resilience, and facilitate Egypt's green transition, including by scaling up renewable energy and increasing efficiency in the electricity, water and sanitation sectors.

Egypt is undertaken World Bank-supported reforms

“The government of Egypt is undertaking ambitious economic and structural reforms aimed at creating a more competitive, green and private sector-led economy,” Minister of International Cooperation of Egypt Rania A. Al-Mashat was quoted as saying in the statement. Stephane Guimbert, World Bank Country Director for Egypt, Yemen & Djibouti, said the“reforms supported by this operation are an important step towards a more sustainable, inclusive economy.”

Read more:
Egypt's exports surge 9.8%

Translated by Guilherme Miranda

©Amir Makar/AFP

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