CAIRO – 23 June 2024: The World Bank announced a $700 million Development Policy Financing (DPF) package to jumpstart Egypt's journey towards a more sustainable, diversified, and resilient economy. This funding is the first step in a larger $6 billion support program unveiled in March 2024.
The “Generating Resilience, Opportunities, And Welfare for a Thriving Egypt” DPF is designed to help Egypt address short-term economic challenges while advancing the next generation of structural reforms to level the playing field to unleash private sector growth; build macroeconomic and fiscal resilience; and facilitate Egypt’s green transition, including by scaling up renewable energy and increasing efficiency in the electricity, water and sanitation sectors.
Egyptian Minister of International Cooperation and World Bank Governor, Rania Al-Mashat hailed the DPF as a "significant step forward" for Egypt's economic development. She explained how the program aligns with national goals and will propel the country towards building a more competitive, green, and private sector-driven economy.
The $700 million will be used to implement a series of reforms. These include strengthening the governance of state-owned enterprises, empowering Egypt's competition authority to combat unfair business practices, improving tax collection, reducing energy waste, and bolstering Egypt's ability to adapt to climate change. The initiative also includes establishing a framework for trading carbon credits.
The World Bank expects this initiative to create jobs, strengthen the Egyptian economy overall, and make the country more resilient to climate change. Ultimately, the goal is to create a more sustainable and inclusive economic future for all Egyptians.
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