World Bank approves new $7 billion partnership framework with Egypt

The World Bank Group has approved on Wednesday a new strategic partnership framework for Egypt till 2027, through a financial envelope of $7 billion to support the country’s efforts to build back better by creating conditions for green, resilient, and inclusive development.

The funding will be lending $1 billion per year from International Bank for Reconstruction and Development (IBRD), $2 billion from International Finance Corporation (IFC), and guarantees from Multilateral Investment Guarantee Agency (MIGA).

The strategy builds upon a strong set of World Bank Group analytics, including the Systematic Country Diagnostic, the Country Private Sector Diagnostic and the Country Climate and Development Report.

The partnership seeks to enhance human capital outcomes: through supporting the provision of inclusive, equitable and improve health and education services as well as effective social protection programmes.

The new strategy seeks to achieve three main objectives: increasing employment opportunities in the private sector, enhancing human capital outcomes, and improving resilience to shocks.

Egypt’s Ministry of International Cooperation, headed by Rania al-Mashat, who is also the World Bank Group’s governor in Egypt, is the main governmental counterpart for the CPF’s planning, coordination and follow-up.