World Bank to announce new strategic partnership with Egypt for next 4 years

The World Bank plans to focus on improved governance, private sector job creation and social inclusion in Egypt under its 2021-2025 Country Partnership Framework, which the bank is currently drawing up, Egyptian Planning Minister said in a statement on Tuesday.

The bank is also expected to make funding available for Egypt’s human capital development, El Said said. The World Bank’s current framework, which came into effect in 2015, covered 13 development projects worth $5.84 billion.

The strategy focuses on creating job opportunities through the private sector, achieving economic and social inclusion as well as improving governance, according to Minister Hala al-Saeed.

It also concentrates on mobilising finances for development purposes and developing human capital, the minister added.

The current portfolio of the World Bank in Egypt includes 13 projects, 10 of which are implemented under the investment programmes’ finance instrument, while the remaining three projects are executed under the instrument of financing programmes in accordance to the results.

The minister noted that the World Bank has hailed Egypt’s tangible progress in the areas that the strategy focuses on.

The World Bank also said that Egypt’s national reform programme aims at enhancing its economy, creating job opportunities and attaining sustainable growth especially in the energy sector.

It added that the government has supported the investment climate through amending the investment law, applying competition law and upgrading the industrial license issuance law.

Egypt’s government is also working on designing key mega projects and programmes that are financed using diversified instruments with an aim of reinforcing social protection, supporting sustainable activities and improving the service’s quality.