The World Bank said it has approved a new $7 billion partnership agreement with Egypt for FY2023/27 to support inclusive and sustainable growth with a focus on boosting private sector jobs, provision of better health and education services and adaptation to climate change.
The country partnership agreement will entail $1 billion per year from the International Bank for Reconstruction and Development and about $2 billion over five years from the International Finance Corporation.
“The private sector plays a critical role in supporting the development of a green, resilient and inclusive economy,” Cheick-Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa said in a statement adding that the partnership demonstrates that when the private sector grows people have access to more and better jobs.
The World Bank and International Monetary Fund have long called on Egyptian authorities to curb the state’s role in the economy to give private enterprise more of an opportunity.
Under the aid program, known as the country partnership framework, the World Bank lays out lending plans and formulates its operations and activities in nations. The latest one to support Egypt follows a 2015-19 framework that was extended for two years.
