The World Bank Group’s (WBG) board has approved a $700 million concessional financing to the Egyptian government, as per an official statement on June 24th.

The funding comes under the WBG’s Development Policy Financing (DPF) program to back the North African country’s budget and boost structural reforms.

It also aims to foster the country’s macroeconomy and economic competitiveness, as well as improve its business climate, which could contribute to empowering the private sector.

For her part, the Egyptian Minister of International Cooperation Rania Al-Mashat stated that the government is commited to implementing ambitious economic and structural reforms with the aim of establishing a more competitive economy driven by the private sector and supporting the green transition.

The DPF program is part of a financing package worth $6 billion pledged by the WBG to the Egyptian government over three years.

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