The World Bank said on Wednesday it had approved a new partnership framework with Egypt for fiscal years 2023-2027, under which Egypt will receive $7 billion in funding.
The statement said the framework includes $1 billion annually from the International Bank for Reconstruction and Development and about $2 billion over the entire partnership period from the International Finance Corporation.
He added that the program aims to support Egypt’s efforts to create the right conditions to achieve green, sustainable and inclusive development for all.
The most important objectives of the new strategy
Increasing and improving private sector employment opportunities: creating an enabling environment for investment and private sector driven job creation, as well as seeking equal opportunities for the private sector.
- Improving human capital outcomes: supporting better and more inclusive health and education services, as well as effective social protection programs.
- Improving resilience to shocks: supporting macroeconomic management and climate change adaptation and mitigation.
The CPF is jointly implemented by the World Bank, the International Finance Corporation, and MIGA, building on existing project portfolios and implementing a flexible approach to financing operations.
Source: EuroNews
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