Egypt signs $1bn World Bank financing agreement under second phase of reform programme

Egypt has signed a $1bn financing agreement with the World Bank under the second phase of its Development Policy Financing (DPF) programme to support economic reforms, strengthen resilience to external shocks and advance the country’s green transition. Prime Minister Mostafa Madbouly witnessed the signing ceremony at the Ministry of Foreign Affairs headquarters in the New Administrative Capital. The agreement was signed by Foreign Minister and Minister of International Cooperation and Egyptians Abroad Badr Abdelatty, in his capacity as Egypt’s governor at the World Bank, and World Bank Regional Director Walid Al-Atbani.

Titled “Building Resilience, Creating Opportunities and Enhancing Wealth for Egypt’s Prosperity and Stability”, the programme aims to improve the business environment, stimulate private investment and strengthen the competitiveness of the Egyptian economy. Its reform agenda includes improving the governance of state-owned enterprises, removing barriers to private investment and economic growth, promoting fair competition, enhancing domestic revenue mobilisation and reducing government borrowing costs. The second phase also incorporates social and environmental measures, including expanding the beneficiary base of the Takaful and Karama social protection programmes, improving greenhouse gas emissions monitoring and developing carbon credit markets. It also aims to strengthen the financial…