World Bank approves $1 billion support package for Egypt's economic reforms
via Egypt Today2 min read
The World Bank Group has approved a new $1 billion financing package for Egypt, which includes a $200 million guarantee from the United Kingdom government. This package aims to support private sector-led growth, enhance economic resilience, and advance Egypt's green transition. The financing program, titled “Generating Resilience, Opportunities, and Welfare for a Thriving Egypt II GROWTH II,” is designed to foster job creation, fiscal sustainability, and environmentally sustainable growth. The World Bank noted that Egypt's recent reform measures, such as exchange-rate unification, fiscal tightening, and tax policy reforms, have helped rebuild external buffers, ease inflation, and improve investor sentiment. Stéphane Guimbert, the World Bank’s division director for Egypt, Yemen, and Djibouti, stated that Egypt is pursuing an ambitious reform agenda to boost private investment and create jobs. Egypt’s deputy minister of foreign affairs for international cooperation, Samar Al Ahdal, highlighted the strong partnership between Egypt, the World Bank Group, and the United Kingdom. UK Ambassador to Egypt Mark Bryson-Richardson affirmed the UK's support for Egypt's reform program. The package supports reforms to improve governance of state-owned enterprises, reduce barriers to private investment, promote fair competition, strengthen domestic revenue mobilization, and improve debt market efficiency. Socially, it aims to expand social protection by automatically enrolling Takaful and Ka
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BreakingUS President Donald Trump announced a three-day ceasefire between Russia and Ukraine, scheduled from May 9 to May 11, which will also include a significant prisoner exchange. The agreement, revealed by Trump on his Truth Social platform, entails a "suspension of all kinetic activity" and the exchange of 1,000 prisoners from each side. President Trump stated he personally requested the ceasefire and expressed gratitude to Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy for their agreement. He hopes this marks "the beginning of the end of a very long, deadly, and hard fought war," adding that ongoing talks are bringing them closer to resolving what he described as the largest conflict since World War II.
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