The World Bank granted Egypt a new development financing of $500 million to support the “Takaful and Karama” program, Minister of International Cooperation Rania Al-Mashat stated, according to an official statement on December 23rd.

The program supports the most vulnerable classes against the implications of the global economic crises and external shocks, Al-Mashat added.

She noted that the new financing supports Egypt’s institutional capacities through the provision of technical support and investments for registration, control, and verification of payments and accountancy systems.

The financing also improves cash plus inputs and boosts usage of digital technology, the minister said.

Al-Mashat revealed that the new financing package by the World Bank also promotes economic inclusion and empowerment of projects through a set of objectives including linking beneficiaries to work and employment services, offering specific skills training, and giving access to official financial services.

On December 19th, Al-Mashat announced that Egypt’s public and private sectors had received $11 billion in financing in 2022, up from around $10.2 billion in 2021.

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).