The Board of Executive Directors of the World Bank Group (WBG) has adopted a new Country Partnership Framework (CPF) for Egypt, paving the way for the WBG’s strategy in the country for FY 2023–2027.
The CPF will be supported by a $7 billion financial envelope, which will include annual loans of $1 billion from the International Bank for Reconstruction and Development (IBRD) and approximately $2 billion from the International Finance Corporation (IFC) throughout the CPF, as well as guarantees from the Multilateral Investment Guarantee Agency (MIGA).
However, it is consistent with the Egyptian government’s Sustainable Development Strategy, “Egypt Vision 2030,” as well as the country’s National Climate Change Strategy (NCCS) 2050.
Furthermore, the CPF is built on a solid foundation of WBG analytics, such as the Systematic Country Diagnostic, the Country Private Sector Diagnostic, and the National Climate and Development Report.
The CPF also wants to boost Egypt’s position in regional integration, which will benefit Egypt and perhaps the rest of the region through increased regional commerce and infrastructure, transportation, energy, and labor linkages.
After Egypt’s leadership of COP27, the CPF, and WBG will continue to assist Egypt’s goals to lead the region’s climate reduction and adaptation agenda.
Additionally, the CPF intends to incorporate two cross-cutting themes, “Governance and Citizen Involvement, as well as Women’s Empowerment,” into its programs.