Minister of International Co-operation Rania Mashat said the World Bank approved allocating $360 million within the framework of development policies in Egypt.
In a statement on Thursday, the minister said this falls within the framework of the strategic partnership between the two sides and supporting Egypt’s post-pandemic recovery.
The newly approved “Egypt Inclusive Growth for Sustainable Recovery” operation builds on this by supporting a second wave of structural reforms focused on creating jobs and providing an inclusive enabling environment for the private sector laying the basis for a sustainable recovery.
“Structural reform policies are integral to Egypt’s efforts to accomplish a sustainable and resilient economic recovery that enables the economy to weather future shocks,” said Mashat.
“This operation will support our efforts to maintain the reform momentum and achieve the milestones necessary for inclusive growth.” she added.
The program strategically addresses some of the long-term structural issues impacting growth through its focus on three thematic pillars; enhancing macro-fiscal sustainability, enabling private sector development, and fostering women’s economic inclusion.
“Through this operation and many more, we are proud to support Egypt’s endeavors to build back better,” said Marina Wes, World Bank Country Director for Egypt, Yemen and Djibouti. “One of the key objectives of this operation is making Egypt’s growth more inclusive and more resilient to future shocks, by addressing long term structural challenges and recognizing the pivotal role of women in the country’s economic growth.” she added
