- Egypt is set to receive $7 billion from the World Bank.
- This fund would be used to develop Egypt’s private sector, improve health and education services, and climate change adaptation.
- Egypt's economy has suffered in the past year partly because of Russia's invasion of Ukraine, which exposed underlying issues.
The World Bank announced on Wednesday that it had approved a new $7 billion partnership agreement with Egypt for the years 2023 to 2027. The agreement will put an emphasis on increasing private-sector employment, improving health and education services, and climate change adaptation.
According to a statement from the World Bank, the Country Partnership Agreement (CPF) will involve $2 billion over five years from the International Finance Corporation (IFC) and $1 billion annually from the International Bank for Reconstruction and Development (IBRD) for the CPF.
According to the statement, the program's objectives include assisting in leveling the playing field for the private sector, promoting investment, and enhancing shock resilience through improved macroeconomic management.