Cairo : The World Bank approved a $1 billion financing package to support Egypt’s efforts to promote private sector-led job creation and strengthen economic reforms.
The package includes a $200 million credit guarantee to support Egypt’s economic reform programme.
The World Bank said the programme aims to improve the investment environment, create jobs, strengthen public financial management, support sustainable economic growth, and accelerate the transition towards a green economy.
The bank noted that Egypt has recently implemented a series of economic reforms, including exchange rate unification, stronger fiscal discipline, and tax and administrative policy reforms, which contributed to improving economic stability, supporting foreign reserves, reducing inflation, and strengthening market confidence.
The financing forms part of a series of three development policy financing programmes under concessional terms and aligns with the strategic partnership framework between Egypt and the World Bank Group for 2023 – 2027, as well as Egypt Vision 2030 and national sustainable development and green transition strategies.
