The World Bank has approved a $360 million development policy financing (DPF) loan to support the Egyptian economy’s recovery from the COVID-19 pandemic.
This funding is part of a strategic partnership between the two sides aiming at enhancing sustainable growth and driving national efforts towards promoting sustainable development through a number of restructural procedures, the Minister of International Cooperation, Rania El-Mashat, said in a statement
Moreover, the Asian Infrastructure Investment Bank (AIIB) is mulling providing parallel financing for the operation with the same value using the same package of policy reforms approved by the World Bank.
Egypt’s ongoing development cooperation portfolio with the World Bank includes 18 projects in various sectors, including education, health, transport, social solidarity, petroleum, housing, sanitation, local development, and the environment with a value of $5.8 billion.
