World Bank approves $7 bln partnership framework with Egypt

The World Bank has approved a new partnership framework with Egypt for the fiscal years 2023-2027, through which Egypt will obtain financing worth US$7 billion.

According to an official statement, the framework includes providing one billion dollars annually from the International Bank for Reconstruction and Development and about two billion dollars during the entire partnership period from the International Finance Corporation.

The statement added that the program aims to support Egypt’s efforts and create appropriate conditions to achieve a green, resilient and inclusive development.

The Country Partnership Framework is carried out by the World Bank, the International Finance Corporation and the Multilateral Investment Guarantee Agency.

This framework is based on a set of studies conducted by the World Bank Group, including the ystematic Country Diagnosis (SCD) for Egypt.

It is also affiliated with the Diagnostic Study for the Private Sector, and the Climate and Development Report for Egypt.

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