Input your search keywords and press Enter.

World Bank approves $7 bln partnership framework with Egypt

World Bank approves $7 bln partnership framework with Egypt

The Board of Executive Directors of the World Bank Group approved a new partnership framework with Egypt that extends until 2027, at a value of $7 billion to support development projects in the country, in partnership with the International Finance Corporation and the Multilateral Investment Guarantee Agency.


The value of the amounts allocated to the new partnership framework includes one billion dollars annually from the International Bank for Reconstruction and Development and about two billion dollars during the entire partnership period from the International Finance Corporation, in addition to guarantees from the Multilateral Investment Guarantee Agency, according to a World Bank statement issued, Wednesday.


Takaful & Karama

Last December, the World Bank approved a new development financing of $500 million for the government to support the expansion of safety nets and social protection through the “Takaful and Karama” program.


In its statement, the bank indicated that the new partnership strategy aims to strengthen Egypt’s role in achieving regional integration by promoting regional trade and increasing interconnection services in the fields of infrastructure, transportation, energy, and employment.


The financing of the World Bank Group follows the approval of the Executive Board of the International Monetary Fund last December to provide Egypt with three billion dollars through a 46-month agreement within the framework of the “Extended Fund Facility”.

Supporting the budget

Egypt received an immediate payment of $347 million, following the Fund’s approval of the loan, to help meet the balance of payments needs and support the budget.


At the time, the IMF expected the agreement to “encourage the availability of approximately $14 billion in additional financing for Egypt from its international and regional partners, including new sources of financing from GCC states and other partners through ongoing sales of state-owned assets and traditional financing channels from bilateral and multiple creditors.” the parties”.


The World Bank expects Egypt to achieve economic growth of up to 4% during the second quarter of this year, according to Marina Wes, the World Bank’s regional director for Egypt, Yemen.

Short link :