File Photo: The World Bank building. AFP
The CPF will be supported through a financial envelope worth $7 billion, in loans of $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion from the International Finance Corporation (IFC) during the entire CPF period, and guarantees from the Multilateral Investment Guarantee Agency (MIGA).
The new CPF aligns with the government of Egypt’s Sustainable Development Strategy, “Egypt Vision 2030,” and the country’s National Climate Change Strategy (NCCS) 2050.
Moreover, the CPF builds upon a robust set of WBG analytics, including the Systematic Country Diagnostic, the Country Private Sector Diagnostic and the Country Climate and Development Report.
“We are proud to continue our strategic partnership with Egypt, and we are committed to supporting ongoing efforts dedicated to improving the quality of life for Egyptians. This CPF supports Egypt’s efforts to build back better by creating green, resilient, and inclusive development conditions. It puts the Egyptian people at the centre of its strategy, with a heavy focus on job creation by improving the business environment and levelling the playing field,” said Marina Wes, World Bank Country Director for Egypt, Yemen and Djibouti.
“The private sector plays a critical role in supporting the development of a green, resilient, and inclusive economy. This Country Partnership Framework demonstrates that when the private sector grows, people have access to more and better jobs – which ultimately helps them lead better lives,” according to Cheick-Oumar Sylla, the International Finance Corporation (IFC) regional director for North Africa and the Horn of Africa.
Egypt and the World Bank Group have entered into a new phase of partnership, as outlined in the Country Partnership Framework 2023 - 2027. The partnership aims to support Egypt's objectives of achieving inclusive and sustainable growth, in line with the country's 2030 vision and presidential initiatives, Minister of International Cooperation and Governor of Egypt at the World Bank Group Rania Al-Mashat said.
Speaking about the partnership, Al-Mashat expressed her gratitude and stated, "Through our extended partnership with the World Bank Group, more work will be done over the next 5 years to stimulate private sector engagement in development projects, increase job opportunities, enhance investment in human capital and promote climate action
The strategy seeks to achieve three high-level outcomes, including additional and improved private sector jobs through supporting the creation of an empowering environment for private sector-led investments and job opportunities and creating a level playing field for the private sector.
They also include enhancing the Human Capital Index by supporting the inclusive provisions, equitable health and education services, effective social protection programmes, and improving resilience to shocks through strengthened macroeconomic management along with climate change adaptation and mitigation measures.
The CPF also intends to strengthen Egypt’s role in regional integration, which has positive implications for Egypt and potentially the broader region through enhanced regional trade and greater infrastructure, transport, energy, and labour connectivity. The CPF and WBG will continue to support Egypt’s ambitions to lead the region's climate mitigation and adaptation agenda, following the presidency of COP27.
Furthermore, the CPF aims to integrate two cross-cutting themes, “governance and citizen engagement and women’s empowerment”, across their programmes.
The CPF will be jointly implemented by the World Bank, IFC, IBRD and MIGA, building on the three institutions’ current portfolios and adopting a flexible approach to lending.
Minister of International Cooperation and the WBG’s governor in Egypt, Rania Al-Mashat is the main government counterpart for the CPF’s planning, coordination and follow-up.