World Bank board approves $500 million to expand social security in Egypt – minister

The executive board of the World Bank Group has approved $500 million in development financing to help Egypt expand its social safety net and protection programme – Takaful and Karama, said international cooperation minister said on Friday.

The new financing marks the third phase of collaboration between the World Bank and the North African country Egypt to support the establishment of an efficient and effective cash transfer programme and to introduce beneficiaries to interventions that generate sustainable incomes and reduce poverty.

It will support the government’s Takaful and Karama conditional and unconditional cash transfer programme, which targets low-income Egyptians eligible for government support.

“The timing of the programme is particularly important as the government is expanding social safety nets to mitigate the repercussions of exogenous price shocks by enhancing cash transfers, strengthening institutional capacities and providing technical support.” said Minister Rania al-Mashat.

“The ongoing collaboration with the World Bank continues to support the country in maintaining and enhancing positive human capital outcomes,”

The network has received $900 million in funds since its launch in 2015 and helps around 3.69 million households – about 12.84 million individuals – as of June 2022.

Women mark 74 percent of beneficiaries, while 67 percent of the cash goes to Upper Egypt region.