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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Egypt and the United Kingdom are working to finalize a customs tariff review to boost agricultural trade and investments, according to a Foreign Ministry report. This follows the Egyptian-British Partnership Council meeting on June 18, co-chaired by the Egyptian Minister of Foreign Affairs and the British Secretary of State for Foreign, Commonwealth and Development Affairs. Both ministers highlighted their strong bilateral partnership, focusing on political, economic, and cultural cooperation under the Egypt-UK Partnership Agreement. They agreed to expand cooperation in green growth, climate action, and clean energy transition. Additionally, they emphasized strengthening migration management, addressing irregular migration's root causes, and intensifying efforts against cross-border organized crime. Discussions also covered regional and international security issues, including the Palestinian cause, the conflict in Sudan, maritime security in the Strait of Hormuz, and geopolitical volatility in the Horn of Africa.
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