Thursday May 23rd, 2024
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World Bank to Provide Over USD 6 Billion to Egypt

Alongside the EU’s contribution, Egypt has received a total of USD 57 billion in pledges from various financial institutions.

Cairo Scene

World Bank to Provide Over USD 6 Billion to Egypt

The World Bank has agreed to provide Egypt with over USD 6 billion, boosting the total global injections into the country’s economy to more than USD 50 billion following the floatation of the Egyptian pound on March 6th, 2024. The latest funding covers the next three years, split equally between public and private sectors.

The announcement of the new funds comes almost immediately after the European Union pledged around USD 8 billion in a mixture of aid, loans and grants, targeting illegal migration to Europe across the Mediterranean. The International Monetary Fund (IMF) also increased its allocation of funds for Egypt to USD 8 billion after the floatation of the national currency.

Payment of the first batch of funding, totalling around USD 1 billion, is expected to be delivered at the start of the next fiscal year, supporting the state budget, and reflects renewed international confidence in Egyptian authorities’ commitment to push ahead with economic reforms. The total monetary pledges from various financial institutions now stand at USD 57 billion, with international ratings agency Moody’s raising Egypt’s credit outlook to ‘positive’.

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