Rania Al-Mashat, Minister of International Cooperation, announced on Tuesday that the Asian Infrastructure Investment Bank (AIIB) agreed to finance development policies in Egypt with $360m, to support the states efforts to achieve recovery from the coronavirus (COVID-19) pandemics repercussions.

It comes as part of the development partners $720m finance for the Development Policy Financing Framework (World Bank and AIIB), with $360m each.

The Minister explained, in a statement, that the Development Policy Financing Framework, which was prepared by the government in cooperation with the two development partners, aims to support the economy and the second stage of structural reforms, through three main pillars, namely enhancing financial sustainability, stimulating the participation of the private sector in development efforts, and boosting the economic empowerment of women.

She explained that this framework reflects the policy pursued by the Egyptian government to achieve integration between the efforts of development partners to maximize the impact of development cooperation, through the participation of more than one development partner in financing projects that represent a priority for the state.

As for the financial sustainability pillar, the framework aims to improve the management of state-owned enterprises by enhancing transparency and reporting, and stimulating the transition towards a green economy.

In the second pillar, the project works on stimulating the participation of the private sector in development efforts by supporting digital and financial inclusion, and facilitating trade and customs-related operations, with the aim of improving Egypts competitiveness and creating jobs in the private sector, in addition to enhancing the participation of the private sector in waste management projects, which lays the foundation for the development of green.

The government also aims to promote womens economic empowerment, support legislative and regulatory reforms that enhance womens participation in the workforce, and the governments adoption of a national code of conduct to promote safe and decent transportation for women.

Al-Mashat affirmed the states determination to move forward with economic and structural reforms, which are an integral part of its quest to achieve a flexible, comprehensive and sustainable economic recovery that enables the state to face future shocks, and stimulates endeavors aimed at achieving the national development vision that is consistent with the United Nations development agenda.

Egypts cooperation portfolio with the AIIB after this programme exceeds $1bn in development and investment funds for the public and private sectors.

2021 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.