Egypt, World Bank enhance partnership
Egypt’s Minister of Planning, Economic Development, and International Co-operation, Rania Al-Mashat, has lauded the Development Policy Financing (DPF) programme which is being implemented in collaboration with the World Bank (WB) and other development partners to enhance incentives introduced to private sector.
On the side lines of the G20 summit in Brazil, Minister Al-Mashat, said that the World Bank has recently approved a $700 million tranche of the DPF to support Egypt’s economic reforms to enhance resilience of the public finance, improve business environment, and support green transformation.
Moreover, diagnostic reports like the Climate and Development Report (CCDR) and the Systematic Country Diagnostic (SCD) will guide these efforts, providing essential insights and strategic direction.
Additionally, the International Finance Corporation (IFC) plays a crucial role, providing over $9 billion to various sectors, including energy and desalination projects, thus making Egypt one of its largest countries of operations. This funding is vital for enhancing the private sector’s role in development and boosting economic competitiveness.
Furthermore, the World Bank Group is planning to provide $6 billion over the next three years, with $3 billion allocated for economic reforms and $3 billion to empower the private sector. This commitment reinforces the strong and evolving partnership between Egypt and the World Bank, ensuring continued support for Egypt’s development goals.
Looking ahead, Al-Mashat outlined the next phase priorities, including human capital development, industrial localisation, and encouraging local and foreign investments in productive and export sectors.
These priorities align with the government’s programme and Egypt’s Vision 2030, aiming to boost private sector growth, create jobs, and enhance investment in social protection, health, education, and climate resilience.
