World Bank Group Announces $6 Billion Financial Support for Egypt

The World Bank Group (WBG) is providing Egypt with a new USD 6 billion (EGP 283.05 billion) financial support package, the multilateral lender announced on 18 March. “[WBG] supports the measures [Egypt] is taking for its economic recovery and restoring a sustainable path for inclusive growth,” the press release explains, also highlighting WBG’s commitment to its long-term strategic partnership with Egypt. Designed to advance Egypt’s economic development and foster increased private sector involvement, the WBG outlined a program to enhance the country’s economic landscape through several channels. The funding, which will be allocated over the next three years, comprises USD 3 billion (EGP 141.52 billion) for governmental programs and another USD 3 billion earmarked for the private sector, subject to approval. “In support of the Government’s development priorities, programs will focus on increasing opportunities for private sector participation in the economy, including through the Government’s Asset Monetization Program, strengthening the governance of state-owned enterprises, and improving the efficiency and effectiveness of public resource management,” the organization outlines. Furthermore, the Group intends to explore opportunities for providing guaranteed participation in the private sector to boost investments. Climate change was a topic…