Egypt and World Bank Group Strengthen Development Cooperation Ahead of COP27

Strategic Insights -

Egypt and the World Bank Group have strengthened their development cooperation portfolio, which includes 14 projects worth nearly $7 billion and 23 projects in technical support, consultancy, and capacity building. The partnership aims to promote inclusive and sustainable growth, build resilience to climate change, and increase private sector participation.

Key Takeaways:

  • The cooperation portfolio includes 14 projects worth nearly $7 billion and 23 projects in technical support, consultancy, and capacity building.
  • The partnership aims to promote inclusive and sustainable growth, build resilience to climate change, and increase private sector participation.
  • The Country Partnership Framework (CPF) for 2023-2027 focuses on stimulating efforts to create a favorable environment for private sector participation and job growth, increasing human capital investment, and enhancing resilience to climate and macroeconomic shocks.
  • The portfolio includes projects in various sectors, including water (13%), health, nutrition, and population (15%), finance, competitiveness, and innovation (18%), transportation (12%), social protection and jobs (13%), agriculture and food (7%), education (7%), and environment, natural resources, and blue economy (3%).
  • The cooperation with the MIGA includes $480 million directed to private sector companies, especially in renewable energy, with $98 million issued in guarantees to Finance Virtuo in 2022.
  • The IFC provides $1.25 billion in cooperation, covering various sectors, and provides advisory services and technical support to the private sector worth $31 million.
  • The Ministry of International Cooperation is working on the Country Climate and Development Report (CCDR) with the WBG, which looks into the interrelationship between climate and development and takes into account national efforts in the green transformation.
  • The report encompasses three main pillars: water and agriculture, energy and industry, and resilient cities and coastal economies.

Statistics:

  • 14 new development projects worth nearly $7 billion
  • $480 million directed to private sector companies through the MIGA
  • $98 million issued in guarantees to Finance Virtuo in 2022
  • $1.25 billion in cooperation with the IFC
  • $31 million in advisory services and technical support to the private sector
  • 23 projects in technical support, consultancy, and capacity building
  • 3 main pillars in the Country Climate and Development Report: water and agriculture, energy and industry, and resilient cities and coastal economies

Sources:

  • Ministry of International Cooperation, Egypt
  • World Bank Group
  • International Monetary Fund (IMF)
  • Ministry of Environment, Egypt
  • SyndiGate Media Inc.
  • APO Group on behalf of Ministry of International Cooperation, Egypt.