Egypt and World Bank Group Strengthen Development Cooperation with $7 Billion Portfolio

Strategic Insights -

Egypt's development partnership with the World Bank Group (WBG) is a cornerstone of the country's national agenda, with significant progress made since 2014. The partnership focuses on vital sectors such as food security, social protection, water and sanitation, education, and infrastructure. The ongoing Country Partnership Framework (CPF) for 2023-2027 promotes inclusive and sustainable growth, while building resilience to climate change and increasing private sector participation.

Key Takeaways:

  • The development cooperation portfolio includes 14 projects worth nearly $7 billion, and 23 projects in technical support, consultancy, and capacity building.
  • The partnership with the WBG covers vital sectors such as food security, social protection, water and sanitation, education, and infrastructure.
  • The new CPF for 2023-2027 focuses on stimulating private sector participation and job growth, increasing human capital investment, and enhancing resilience to climate and macroeconomic shocks.
  • The portfolio includes projects such as the Strengthening Social Safety Nets ($900 million), Sustainable Rural Sanitation Services Program for Results ($850 million), and Upper Egypt Local Development project ($500 million).
  • Egypt's development agenda is driven by the Ministry of International Cooperation, which works closely with multilateral and bilateral development partners, including the WBG.
  • The WBG's International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) are key players in supporting Egypt's development goals, with a focus on private sector engagement and climate action.
  • The cooperation between Egypt and the WBG includes the preparation of the Country Climate and Development Report (CCDR), which will examine the interrelationship between climate and development in Egypt.

Statistics:

  • The development cooperation portfolio includes 14 projects worth nearly $7 billion, and 23 projects in technical support, consultancy, and capacity building.
  • The partnership with the International Finance Corporation (IFC) amounts to $1.25 billion.
  • The Multilateral Investment Guarantee Agency (MIGA) has provided $480 million to support private sector companies, including the Norwegian company Scatec.
  • The IFC provides advisory services and technical support to the private sector, worth $31 million.
  • The Country Partnership Framework (CPF) for 2023-2027 focuses on stimulating private sector participation and job growth, increasing human capital investment, and enhancing resilience to climate and macroeconomic shocks.

Sources:

  • [Cited from the original text]
  • Distributed by APO Group on behalf of Ministry of International Cooperation, Egypt.