Thu. Jul 25th, 2024

The World Bank decided to provide financial support amounting to $700 million to Egypt, as part of a program aimed at enhancing macroeconomic stability and supporting sustainable growth.

These funds, allocated within the Development Policy Financing Program, will help the Egyptian government implement structural reforms to create an attractive business environment for investments and stimulate the private sector.

The financing comes in the context of supporting the Egyptian government’s efforts to overcome short-term economic challenges and facilitate the transition towards green transformation.

The program includes promoting the use of renewable energy, improving the efficiency of the electricity sectors, and restructuring the governance of government companies.

The Minister of International Cooperation and Governor of Egypt at the World Bank Group, Dr. Rania Al-Mashat, confirmed that this program represents part of Egypt’s commitment to implementing economic and structural reforms aimed at laying the foundations of a competitive economy led by the private sector and supporting environmental transformation.

In the same context, the Regional Director for Egypt, Yemen and Djibouti at the World Bank, Stefan Gimbert, indicated that the reforms supported by this program are an important step towards achieving a more sustainable and comprehensive Egyptian economy.

This financing is scheduled to be part of a broader package worth $6 billion that the World Bank Group intends to provide over the next three years to stimulate private sector growth, enhance investment in human capital, and support resilience to climate change.

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