The recent financing agreement between the World Bank and Egypt is set to play a crucial role in strengthening the country’s economy. Egypt anticipates receiving substantial financial aid from the World Bank, totaling around $1 billion in the first half of 2024. This support comes at a time when Egypt is implementing significant structural reforms to enhance economic development.
As part of a $6 billion financing package pledged by the World Bank Group over three years, funds will be directed towards both the public and private sectors, serving as a significant driver for Egypt’s economic progress. The Egyptian Minister of International Cooperation, Rania Al-Mashat, highlighted that out of the $6 billion, $3 billion is earmarked for the government. An annual allocation of $500 million will support the budget through the “Support for Development Policies” program, with an additional $200 million directed to the “Takaful and Karama” initiative, aimed at assisting the most vulnerable populations.
In addition to the World Bank’s assistance, other partners like the United Kingdom are also stepping in to provide financial support. Egypt is expected to receive $200 million from the UK this year. Moreover, the European Union has committed to allocating $7.8 billion to Egypt until 2027, with $5 billion designated to support the country’s budget. This financial aid will bolster development endeavors and foster economic growth in Egypt.
Collaborative efforts with the International Finance Corporation, a World Bank subsidiary, are underway to enhance the management of public enterprises in Egypt. These programs seek to optimize the governance of state-owned companies and improve their economic performance.
In summary, the substantial financial backing from the World Bank and the European Union presents a significant opportunity for Egypt to bolster its economic growth and implement essential structural reforms, ensuring sustainable and inclusive development for all its citizens.
For more information, please refer to the following articles:
– [Egypt Independent – Egypt expects $1 billion from the World Bank to support the budget within two months](https://www.egyptindependent.com/egypt-expects-1-billion-from-the-world-bank-to-support-the-budget-within-two-months/)
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