(3 Minutes Read)
This package is split equally, with USD 3 billion allocated for governmental programs and another USD 3 billion set to support the private sector, pending approval.
The World Bank Group (WBG) is preparing for the second phase of its budget support program for Egypt, which is set to be completed this year, following the successful disbursement of the first phase valued at USD 500 million in mid-2024, according to Stefan Gimbert, the World Bank’s regional director for Egypt, Yemen, and Djibouti.
Gimbert did not disclose the expected value of the second tranche of the program. The program is part of a broader USD 6 billion support initiative, announced in March 2024 aimed at boosting Egypt’s economic stability and private sector engagement.
This package is split equally, with USD 3 billion allocated for governmental programs and another USD 3 billion set to support the private sector, pending approval. Gimbert highlighted the World Bank’s commitment to supporting Egypt’s macroeconomic resilience, private sector involvement, and environmentally sustainable growth.
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He explained in an interview during the third Venture Capital Summit in Cairo that the WBG aims to strengthen Egypt’s economic development through a comprehensive set of initiatives.
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