The World Bank announced on Wednesday that it has approved a new USD 7 billion (EGP 216 billion) collaboration agreement with Egypt for the years 2023 to 2027. The agreement would put an emphasis on increasing private sector employment, improving health and education services, and climate change adaptation. According to a release from the World Bank, the Country Partnership Agreement (CPF) will involve USD 2 billion (EGP 61 billion) over five years from the International Financial Corporation (IFC) and USD 1 billion (EGP 30 million) annually from the International Bank for Reconstruction and Development (IBRD) for the Country Partnership Agreement (CPF). The World Bank stated in a statement that it aims to improve Egypt’s resilience to shocks through strengthened macroeconomic management, as well as climate change adaptation and mitigation measures. It also aims to support the creation of “more and better” private-sector jobs and support better health and education services. The program “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, country director for Egypt, Yemen and Djibouti. Soaring…
World Bank and Egypt Agree on a New $7 Billion Five-Year Plan to Support Egypt’s Development
March 23, 2023
