The Egyptian Ministry of International Cooperation has announced that the World Bank’s Board of Directors has approved soft financing for Egypt in the amount of $700 million. This financing is aimed at enhancing macroeconomic stability, promoting growth in line with green transformation, boosting competitiveness, and improving the overall business environment in Egypt.
The development policy financing program has been designed to support the government’s efforts in addressing short-term economic challenges, implementing structural reforms, achieving economic stability, and creating a favorable business environment for private sector growth. Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group, emphasized the government’s commitment to implementing ambitious economic and structural reforms to create a more competitive economy led by the private sector and supportive of the green transition.
She highlighted that the partnership between Egypt and the Bank is long-term and supports the country’s development and reform efforts. The program focuses on advancing key reforms, such as strengthening governance frameworks for state-owned institutions and companies, improving revenue mobilization, promoting climate resilience, and expanding renewable energy. The financing aligns with Egypt’s national strategies and priorities, including Egypt’s Development Vision 2030 and the National Climate Change Strategy 2050.
Stephane Gimpert, Regional Director for Egypt, Yemen, and Djibouti at the Bank, emphasized the importance of creating sustainable jobs and building resilience to climate change for achieving prosperity in Egypt, especially for the poor and vulnerable. He highlighted that the reforms supported by the program are crucial for a more sustainable and inclusive economy. The financing is part of Egypt’s country partnership framework with the Bank for
