Cairo: The World Bank Group has approved US$1 billion in financing to support Egypt's efforts to boost private sector-led job creation, strengthen macroeconomic and fiscal resilience, and advance its transition to a greener economy. This financial backing is expected to significantly contribute to Egypt's ongoing reform initiatives aimed at stabilizing and strengthening its economic landscape.
According to Emirates News Agency, Egypt has undertaken a series of reforms that have helped the country move into a stabilization phase. Building on these efforts, the 'Generating Resilience, Opportunities, and Welfare for a Thriving Egypt II' (GROWTH II) Development Policy Financing (DPF) supports a set of policies designed to stimulate Egypt's economy. The primary focus is on creating more and better jobs, managing public finances sustainably, and promoting a greener growth trajectory.
The newly approved DPF aligns with the World Bank Group's Country Partnership Framework (CPF) for Egypt for FY2023-2027. This framework aims to support Egypt's pursuit of green, resilient, and inclusive development. It emphasizes enabling more and better private sector jobs, improving human capital outcomes, and enhancing resilience to economic shocks.