Egypt-WBG development portfolio covers 14 ongoing projects worth $7 billion: Statement

Ahram Online , Monday 10 Oct 2022

Egypt and the World Bank Group (WBG) share a development cooperation portfolio that covers 14 ongoing projects worth almost $7 billion in priority sectors up until October, Ministry of International Cooperation said in a Monday statement.

World Bank
File photo of the World Bank - Reuters

In a statement made on the occasion of the IMF-WBG annual meeting, which takes place between 10 and 16 October in Washington DC under the heading “unity in a time of crises”, the Ministry of International Cooperation said that the cooperation portfolio between Egypt and the WBG includes two projects set for 2022 worth $900 million. The first, worth $500 million, aims to improve food security efforts and enhance resilience capability. While the  second, worth $400 million, aims to develop trade logistics between Cairo and Alexandria in northern Egypt.

Furthermore, the portfolio includes the carrying out of a $900 million project aiming to strengthen the social security network, a $1 billion social housing project, an $850 million project to develop sanitation services in rural areas, and a $500 million project to back local development in Upper Egypt, the statement said.

The cooperation portfolio also includes the Supporting Egypt Education Reform Project at a cost of $500 million, the Transforming Egypt’s Healthcare System Project at a cost of $530 million, and Catalyzing Entrepreneurship for Job Creation project at a cost of $200 million, the statement added.

Other projects in the portfolio, so the statement goes, include Egypt Inclusive Growth for Sustainable Recovery project at a cost of $360 million, and the Greater Cairo Air Pollution Management and Climate Change Project at a cost of $200 million.

Projects in the Egypt-WBG cooperation portfolio also include the Railway Improvement and Safety for Egypt Project at a cost of $440 million, and the Cairo Alexandria Trade Logistics Development Project at a cost of $400 million, the statement added.

According to the statement, the WBG is also set to pay $400 million in support of Egypt’s Universal Health Insurance System and another $50 million to support Egypt's COVID-19 Emergency Response.    

The ministry stated that the cooperation portfolio between Egypt and the WBG covers the sectors of water, health, finance, transport, social security , agriculture and food, education, environment, macroeconomics, and urban resilience.

The statement also reviewed Egypt and the WBG's joint efforts to enhance private sector participation in development in cooperation with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), both sub entities of the WBG.

Egypt’s cooperation portfolio with MIGA includes directing $480 million to various private sector companies, especially in the field of renewable energy, the statement noted.

Egypt’s cooperation portfolio with the IFC amounts to $1.25 billion covering various sectors, including renewable energy, construction, industry, and the financial sector, the statement added.

Last week, the WBG concluded a $400 million development financing agreement to decarbonise transport infrastructure in Egypt by developing an Alexandria–6th of October–Greater Cairo Area (GCA) railway corridor, according to the statement.

The portfolio also includes another 23 projects in the field of technical support and consultancy, the statement said .

The WBG, one of Egypt’s key development partners, is also participating in Egypt’s Nexus on Water, Food and Energy (NWFE) Programme, which was launched in July to finance eco-friendly projects as part of the country's green transformation.

The IMF-WBG annual meeting addresses the multiple crises facing development efforts, including the COVID-19 pandemic, the Ukraine crisis and its consequent disruption of supply chains , and the increase in prices of food and energy globally.

 

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