Wednesday July 24th, 2024
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USD 700 Million Allocated by World Bank for Egypt’s Development

This financing tranche is part of the larger USD 6 billion World Bank programme, which will be disbursed over three years.

Cairo Scene

USD 700 Million Allocated by World Bank for Egypt’s Development

The World Bank has announced the allocation of USD 700 million in Development Policy Financing (DPF) for the Egyptian government, as part of the overarching USD 6 billion programme of support announced by the global financial institution in March 2024. The financial support package will be disbursed over a three-year period, with this USD 700 million allocation constituting the first stage of the three-phase project.

Named ‘Generating Resilience, Opportunities, and Welfare for a Thriving Egypt’, this DPF is designed to address the country’s short-term economic challenges, whilst also laying the foundations for structural government reforms. Said reforms will target increased private sector participation, improved macroeconomic and fiscal resilience, and facilitate Egypt’s green transition, scaling up renewable energy and increasing efficiency in energy, water, and sanitation sectors.

Overall, the USD 6 billion World Bank financial assistance programme aims to spur job creation in the private sector and strengthen economic management in the country, whilst fostering sustainable climate resilience.

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