CAIRO, September 9, 2016 – The World Bank today disbursed US$ 1 billion to Egypt for the First Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing (DPF). This is the first in a programmatic series of three annual development policy finance loans to Egypt in the context of the World Bank Group’s Country Partnership Framework (CPF) for 2015-19. The CPF provides for a total World Bank Group support of about $8 billion during this period supporting vital sectors in the economy in order to reduce poverty and boost shared prosperity.
DPF supports the country’s inclusive economic reform program. Key to this are efforts to create jobs, spur growth, and attract new investment. This is to be achieved through an enabling economic environment that puts public finances on a more sustainable footing, supports energy security, efficiency, and investment, and helps improve the business environment for small and medium enterprises through cutting red tape, reducing barriers to entry, and promoting better competition policies.
“We welcome the World Bank’s support of the transformational economic reform agenda of the government. This operation is a central part of the World Bank’s support to help Egypt realize its full potential and raise the living standards of all its people,” said H.E. Dr. Sahar Nasr, Egypt’s Minister of International Cooperation who also represents Egypt on the World Bank’s Board of Governors.
“We are pleased to partner with Egypt in implementing its own home-grown economic reform program necessary for creating decent jobs, helping attract private investment, and boosting growth,” said Dr. Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti, who is based in Cairo.
The World Bank finances projects for faster delivery of benefits to the people of Egypt in key sectors including social safety nets, energy, transport, water and sanitation, agriculture and irrigation, housing, health, as well as supporting employment-intensive projects and financing for micro and small enterprises. The current portfolio of the World Bank in Egypt includes 24 projects for a total commitment of about US$ 7 billion.