Egypt gets $6bn from World Bank to spur growth

Egypt gets $6bn from World Bank to spur growth

The World Bank Group will offer more than $6 billion over the next three years to support Egypt’s economic recovery amid its foreign currency crunch. The Washington-headquartered group will allocate $3 billion for financial support to government programmes and the remaining $3 billion to the private sector, subject to board approval. The announcement comes after […]The World Bank Group will offer more than $6 billion over the next three years to support Egypt’s economic recovery amid its foreign currency crunch.

The Washington-headquartered group will allocate $3 billion for financial support to government programmes and the remaining $3 billion to the private sector, subject to board approval.

The announcement comes after Egypt signed an $8 billion expanded loan agreement with the International Monetary Fund (IMF) and an $8 billion funding package from the European Union.

Egypt will receive $1 billion by the end of June, supporting its budget and programmes on climate as well as SMEs, country director Stephane Guimbert told Reuters.

According to the World Bank, the funding falls under the country partnership framework with Egypt (2023-2027), signed last March.

The programme will focus on increasing private sector participation in the economy through the government’s asset monetisation programme. It will further support the most vulnerable