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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.
Egypt's economy has been under tremendous strain for the past year as a result of the consequences of Russia's invasion of Ukraine, which exposed underlying issues.
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Although the government has made ambitious plans for privatization, sales of state assets have been repeatedly postponed.
A public-private partnership model will be used to develop desalination plants in Egypt, according to a statement released by the International Finance Corporation (IFC), a member of the World Bank Group, on Wednesday. This partnership also includes the European Bank for Reconstruction and Development and Egypt's Sovereign Fund.
According to the IFC, the project is a component of Egypt's plan to increase the amount of desalinated water available by 8.8 million cubic meters per day by 2050. The first plants will be built in Marsa Matrouh on the country's northern coast.
Egypt, which relies almost entirely on the River Nile for freshwater supplies, is thought to be highly vulnerable to the effects of climate change.
The loan would also help Egypt improve its resilience to economic shocks and strengthen its ability to adapt to and mitigate climate change impacts, the World Bank said.
The International Monetary Fund most recently granted Egypt a $3 billion bailout loan in December as part of a deal that called for the government to carry out reforms like devaluing the Egyptian Pound and loosening the state's control over the economy.