World Bank approves $6B aid to bolster Egypt’s economy

The World Bank pledges more than $6 billion in financial support to Egypt over the next three years, aimed at fostering economic development

The World Bank Group announced Monday that it will provide more than $6 billion of support to Egypt over the next three years.

The amount includes $3 billion in financial support for the government’s programs and $3 billion for the private sector, which includes mobilization.

The programs will focus on increasing opportunities for private sector participation in the economy, including through the government’s Asset Monetization Program, strengthening the governance of state-owned enterprises, and improving the efficiency and effectiveness of public resource management.

The World Bank Group said its operational portfolio of over $8 billion in Egypt consists of $6 billion from the International Bank for Reconstruction and Development, $1.9 billion from the International Finance Corporation, and $0.5 billion from the Multilateral Investment Guarantee Agency.

Earlier this month, Egypt signed an expanded $8 billion loan agreement with the International Monetary Fund.

Source: AA

#haber#