Egypt is expected to obtain billions of US dollars in funding assistance as the World Bank has just approved a new framework for the country's development.
The World Bank Group Board of Executive Directors approved on Tuesday a Country Partnership Framework (CPF) for Egypt, which will provide $7 billion in lending to the country during the financial years 2023-2027, the lender said in a statement on Wednesday.
The financial envelope will be around $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion during the entire CPF period from the International Finance Corporation (IFC), the statement said.
The framework, which will support Egypt's green, resilient and inclusive development, will be implemented jointly by the World Bank, the IFC and the Multilateral Investment Guarantee Agency (MIGA).
The CPF seeks to accomplish its objectives by achieving "high-level" results, including more and better private sector jobs, enhanced human capital and improved resilience to shocks.
The framework also intends to strengthen Egypt's role in regional integration, as well as integrate governance and citizen engagement and women's empowerment across programmes.
"We are committed to supporting ongoing efforts dedicated to improving the quality of life for Egyptians. This CPF supports Egypt's efforts to build back better by creating conditions for green, resilient and inclusive development," said Marina Wes, World Bank Country Director for Egypt, Yemen and Djibouti.
"It puts the Egyptian people at the centre of its strategy, with a heavy focus on job creation by improving the business environment and leveling the playing field.
The International Monetary Fund (IMF) said early this year that it expects Egypt's real gross domestic product (GDP) for 2022-2023 to be around 4%, a downgrade from the previous forecast of 4.4%.
(Reporting by Cleofe Maceda; editing by Seban Scaria)