Egypt’s Ministry of International Cooperation reviews aspects of cooperation with World Bank – Egypt Today

Egypt’s Ministry of International Cooperation reviews aspects of cooperation with World Bank – Egypt Today

CAIRO – 10 October 2022: Egypt’s Ministry of International Cooperation reviewed, Monday within the 2022 International Monetary Fund and the World Bank Group annual meetings most Important aspects of the Development Cooperation between Egypt and the World Bank Group. It was stated that ongoing development cooperation portfolio includes 14 development projects, worth nearly $7 billion, and 23 projects in technical support, consultancy and capacity building. The partnership with the WBG supports the country’s development in several vital sectors such as food security, social protection, water and sanitation, education, and infrastructure. The new Country Partnership Framework (CPF) for 2023-2027 promotes inclusive and sustainable growth, as well as building resilience to climate change while increasing private sector participation. Increasing the base of private sector participation through development cooperation efforts with the Multilateral Investment Guarantee Agency (MIGA) & International Finance Corporation (IFC). The MIGA provides $480 million to stimulate the role of the private sector, including support in the expansion of the Norwegian company, Scatec in Egypt. $1.25 billion through cooperation with the IFC is directed to the private sector, and $31 million in technical support and consultancy The World Bank Group (WBG) is one of Egypt’s most important multilateral development partners, and