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The World Bank has announced its approval of a new Country Partnership Framework (CPF) for Egypt for FY 2023–2027. The $7bn Programme to be jointly executed by the World Bank, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) offers the country support through lending, according to a press release.
The World Bank has announced its approval of a new Country Partnership Framework (CPF) for Egypt for FY2023–2027. The $7bn Programme to be jointly executed by the World Bank, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) offers the country support through lending, according to a press release. Under the program, $1bn per year will be funded by the International Bank for Reconstruction and Development (IBRD) and about $2bn by the International Finance Corporation (IFC) for the entire period, and guarantees from MIGA.
The new CPF is drawn up in concurrence with the Government of Egypt’s Sustainable Development Strategy (SDS), “Egypt Vision 2030,” and the National Climate Change Strategy (NCCS) 2050.It is based on World Bank Group data, including the Systematic Country Diagnostic, the Country Private Sector Diagnostic and the Country Climate and Development Report.
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Speaking about the new CPF, Marina Wes, World Bank Country Director for Egypt, Yemen, and Djibouti stated that it supports Egypt’s vision for a green, resilient, and inclusive development with Job creation as the centre of the strategy. The focus of the CPF will be to boost private sector-led investments, creating job opportunities. It will strive towards providing a level playing field and favourable business environment for the private sector. The CPF also aims to strengthen Egypt’s role in regional integration, by expanding regional trade and connectivity in infrastructure, transport, energy, and labor. It will continue to support Egypt in the climate mitigation and adaptation agenda in the region. Governance and citizen engagement, and women’s empowerment will be allocated the highest priority.
