World Bank
This support includes $3 billion for financial backing to Government’s programs and $3 billion for the private sector (including mobilization) – subject to Board approval.
Maait also stated that Egypt will obtain new $3 billion from the World Bank during the coming period pointing out that this amount is part of a total package worth $20 billion from several international partners
Prime Minister Madbouly emphasized that the private sector creates more job opportunities and encourages investment in the Egyptian economy.
Over the years, the bank has financed 175 projects in various sectors, such as infrastructure, human capital, and public sector reforms
This marks a revision from the bank's previous forecast of 4 percent for the same period.
From Fitch Solutions’ most optimistic view of Egypt’s growth to the lowered expectations of the IIF, a diverse range of forecasts paints a complex picture of the country’s potential growth in the coming year as the country faces numerous external geopolitical and economic shocks.
The WB’s report highlighted that the MENA region’s remittances are projected to fall by 5.3% to approximately $61 billion in 2023, following a 4.5% drop in 2022
The new initiative seeks to develop innovative digital applications tailored to serve Egypt's agricultural sector and extend its impact on regional activities, particularly in Africa
In collaboration with the International Competition Network (ICN), the WB’s Competition Advocacy Contest highlighted Egypt’s commitment to fostering equal opportunities in the market
Egypt’s Minister of International Cooperation Rania Al-Mashat witnessed signing of 7 development grant agreements funded by the Italian government and implemented by United Nations organizations
Egypt and World Bank join forces in a collaborative workshop to boost ongoing development projects and align strategies with Egypt's new national vision.
According to the terms of the agreement, this amount can be converted into other currencies as needed to support the project's financing.
Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group, met with Stephen Gumpert, the new World Bank Regional Director for Egypt, Yemen, and Djibouti, who assumed his position at the beginning of mid-August, succeeding the previous Regional Director, Marina Wess.
Egypt takes significant strides towards financial decentralization and local governance development.
Al-Mashat thanked the World Bank team for their efforts over the past period in preparing the partnership in cooperation with the ministry.
They discussed the possible support to the Egyptian government in light of the new country cooperation 2023-2027, and the priorities of the government.
A Q&A reviews the most important aspects of the relationship with the WBG and its affiliated institutions.
The Minister pointed out that the joint relations are not limited only to development cooperation, but that Egyptian expertise has also enriched the Bank's work.
The new CPF was prepared through joint work and continuous discussions with all relevant parties from the national authorities as well as the private sector.
The World Bank elaborated that Egypt's forecast reflects the expectation that its competitiveness might be increased due to the recent depreciation of the Egyptian pound.