2023-2027 Country Partnership Framework bet. Egypt, World Bank endorsed Sunday

CAIRO - 8 May 2023: Egypt’s Prime Minister witnessed on Sunday evening a conference to endorse the 2023-2027 Country Partnership Framework (CPF) between Egypt and the World Bank Group.

 

This came in the presence of Mahmoud Mohieldin, the climate pioneer of the Egyptian presidency of the Conference of the Parties to the United Nations Convention on Climate Change (COP27) and the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development, and a number of ministers and World Bank officials.

 

The new CPF was prepared through joint work and continuous discussions with all relevant parties from the national authorities as well as the private sector, and based on the studies that were prepared on the Egyptian economy and the private sector, as well as the country climate and development report that was launched during the COP27 climate conference. 

 

It identifies opportunities, challenges, policies, and investment opportunities that can be implemented within five years, to increase the efficiency of using and allocating natural resources, reduce the effects of climate change on citizens and business institutions, and enhance Egypt's ability to compete.

 

The new CPF, through which the International Finance Corporation and the Multilateral Investment Guarantee Agency (MIGA), both are members of the World Bank Group, is set to stimulate the role of the private sector and provide investments and development financing, technical support and consultations that enhance the competitiveness of the private sector in Egypt.

 

This is in line with the government’s efforts to expand the base of private sector participation in development, and also includes the dimension of regional integration, especially in light of Egypt’s presidency of the COP27 climate conference, through which Egypt’s role in supporting climate action in Africa will be stimulated, and the ability to Endure and encourage efforts to mitigate and adapt to the repercussions of climate change.

 

The 2023-2027 Country Partnership Framework seeks to achieve its objectives through three main pillars, which are increasing and improving job opportunities in the private sector: by creating a supportive environment for private sector-led investments and job creation, as well as striving towards equal opportunities for the private sector, enhancing investment in human capital: by supporting better and inclusive health and education services, as well as effective social protection programmes, and improving resilience to shocks: by supporting macroeconomic management, climate change adaptation and mitigation measures.