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Egypt’s Minister of International Cooperation (MoIC), Rania Al Mashat, recently stated that the World Bank (WB) is expected to disburse USD 1 billion during the second half of 2024 as part of the USD 6 billion support package announced in March. He spoke on the sidelines of the International Monetary Fund and World Bank’s spring meetings.
Egypt’s Minister of International Cooperation (MoIC), Rania Al Mashat, recently stated that the World Bank (WB) is expected to disburse USD 1 billion during the second half of 2024 as part of the USD 6 billion support package announced back in March. He was speaking on the sidelines of the International Monetary Fund and World Bank’s spring meetings.
Al Mashat highlighted that the focus would be laid on Egypt’s reform programs. The USD 6 billion package includes USD 3 billion for governmental programs and an additional USD 3 billion for the private sector. These allocated budgets will be disbursed within the next three years. The announcement for the program was released within 24 hours of the EU’s pledge to provide a USD 7.8 billion support package.
Al Mashat explained that the agreement with the WB has three pillars; stabilizing the macroeconomic and increasing its solidity, enhancing competitiveness and private sector participation, and promoting the country’s green transformation. She also explained that the government is collaborating with the International Finance Corporation, affiliated with the World Bank, regarding Egypt’s privatization program for offering state-owned companies and assets.
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The program is expected to bring in revenues of USD 6.5 billion in 2024. Egypt is working with the World Bank on measures related to the governance of state-owned companies. Egypt’s delegation at the WB and IMF meetings includes Al Mashat, Maait, and the Central Bank of Egypt’s governor, Hassan Abdallah.
