Rania Al-Mashat, the Minister of International Cooperation and Governor of Egypt to the World Bank Group, has made an announcement pertaining to the long-term strategic partnership between the World Bank Group and Egypt. The World Bank Group is committed to providing a total of $6 billion in funding over the course of the next three years.
This funding will be allocated to support the economic reform program of the Government of Egypt, as well as to empower the private sector in the country. The primary objective of this funding is to promote economic recovery and inclusive and sustainable growth, in line with the economic reform efforts being pursued by the Government of Egypt.
During a meeting the Minister of International Cooperation, Rania Al-Mashat, announced that the World Bank Group (WBG) will be providing Egypt with a financing package worth $6 billion. This package will be spread over the next three years and was revealed in a meeting with Anna Bjerde, WBG’s Managing Director of Operations.
The Minister of International Cooperation emphasized the importance of extending the partnership with the World Bank Group in a professional and respectful manner. The strategic partnership framework for the period 2023-2027 prioritizes promoting private sector growth and job creation, investing in human capital through social protection systems, health and education, enhancing resilience through innovative solutions in climate action, and improving economic governance.
The current funding package reinforces social protection efforts for the neediest groups to support the implementation of targeted economic reforms.
The World Bank Group has a development cooperation portfolio worth over $8 billion in Egypt. This includes $6 billion from the International Bank for Reconstruction and Development, $1.9 billion from the International Finance Corporation, and $500 million from the International Investment Guarantee Agency.
