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-IxVgDMBNAv.jpg "General view of headquarters of central Bank of Egypt, at the New Administrative Capital (NAC) in the east of Cairo, Egypt")
The World Bank announced on Monday $700 million of budget support for Egypt, part of a three-year, $7 billion programme that the bank pledged earlier this year amid a windfall of foreign financing for the indebted North African country.
The $700 million is designed to help Egypt boost private sector participation, macroeconomic and fiscal resilience and a greener growth trajectory, the World Bank said in a statement.
The World Bank announced last March that it had approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education and adaptation to climate change.
Among the goals of the programme is helping create a level playing field for the private sector and to encourage investment and improve resilience to shocks through better macroeconomic management, the statement added.
Egypt’s economy has come under severe pressure over the past year, after the fallout from Russia’s invasion of Ukraine exposed underlying problems.
The government has announced ambitious privatisation plans but sales of state assets have been repeatedly delayed.
