World Bank's $6 Billion Financing Boosts Egypt's Economic Reform Agenda

CAIRO - 19 March 2024: In today's cabinet meeting, Egyptian Prime Minister, Dr. Mostafa Madbouly, congratulated President Abdel Fattah El-Sisi, the Armed Forces, and the Egyptian people on the Tenth of Ramadan anniversary. He emphasized that this historic event stands as one of the nation's greatest triumphs, showcasing the valor of the armed forces and the resilience of Egyptians in overcoming challenges.

Prime Minister Madbouly also addressed political and economic issues during the meeting, highlighting the significant outcomes of the Egyptian-European Summit held in Cairo. Attended by leaders from Italy, Belgium, Austria, Greece, Cyprus, and the European Commission, the summit marked the elevation of Egypt-EU relations to a comprehensive strategic partnership level. Additionally, it included a financial package of approximately 7.4 billion euros as investment and financial support for the Egyptian economy from the EU for the years 2024 to 2027.

Madbouly praised the positive messages conveyed by European leaders during the summit, acknowledging Egypt's influential role as a key pillar in restoring security and stability in the region and its efforts to address various regional crises, including the humanitarian situation in Gaza. He also noted European leaders' appreciation for Egypt's responsibility in addressing illegal migration from its shores, with Egypt's efforts effectively stemming the flow of illegal migration.

Furthermore, Prime Minister Madbouly highlighted the World Bank's announcement of a $6 billion financing package for the Egyptian economy for the next three years, considering it as supportive of the state's ongoing efforts to enhance economic and structural reforms, empower the private sector, increase its participation in development efforts, enhance economic competitiveness, and improve the business environment.

Addressing the recent revision of Egypt's credit rating outlook by Standard & Poor's from stable to positive, Madbouly considered it a new positive indicator reflecting the correct direction of Egypt's economic reform path. He emphasized that recent steps and decisions taken by the government in collaboration with the Central Bank have significantly changed the perception of many international institutions towards Egypt, expecting further improvement in the economic situation.

Madbouly reaffirmed his daily coordination with the Central Bank Governor, noting that economic matters are progressing well. He reiterated that Egypt is at the beginning of economic stability and continues on the path of reform.