World Bank Approves USD 360 Million Loan for Pandemic Recovery

The World Bank has approved a USD 360 million development policy financing loan to support Egypt's recovery from the COVID-19 pandemic, amidst economic reforms that look to enhance its chances for sustainable growth.

Under the ‘Egypt Inclusive Growth for Sustainable Recovery’ programme launched by the World Bank, the move looks to support Egypt’s second wave of structural reforms by creating jobs and providing an enabling environment for the private sector. The programme has three pillars: enhancing Egypt’s macro-fiscal sustainability, enabling private sector development in the domestic market, and women’s economic inclusion.

"To further support achievement of the operation's development objectives, the Asian Infrastructure Investment Bank is considering parallel financing for the operation of the same amount using the same package of policy reforms agreed with the World Bank," the World Bank added in a statement.

During Egypt’s first wave of reforms, the IMF introduced a three year programme with a loan of USD 12 billion, ending in July 2019.