Sharm El Sheikh:The World Bank and Egypt signed an agreement for a US$1 billion program to support the next phase of the country’s reform program, which will focus on creating opportunities for Egyptians and raising living standards by promoting the private sector and improving government performance.
The new program will help finance the government’s own economic development program. The signing ceremony for the Private Sector Development for Inclusive Growth development policy financing took place in Sharm El Sheikh, Egypt on the margins of the ‘’Africa 2018’’ investment conference, and was attended by the Prime Minister of Egypt, Moustafa Madbouly.
‘’Our aim is to create more and better opportunities for Egyptians, and promote inclusive and sustainable development; our partnership with the World Bank is accelerating our efforts towards that goal, ‘’ said Dr. Sahar Nasr, Egypt’s Minister of International Cooperation who also represents Egypt on the World Bank’s Board of Governors. ‘’Small businesses are our biggest source of jobs, and with the support of this project we are aiming to provide them with a more conducive environment, that will enable them to start and grow their businesses, with a focus on youth, women, and underserved regions.”
The new program is part of a broader package of Bank support for Egypt’s goal of unleashing the power of the private sector while reallocating public funds to building human capital, by investing in the education and health of its people. With the support of a multi-year Bank program that ended in 2017, Egypt’s economic reforms have boosted growth from 4.2% in 2017 to 5.3% in 2018, with growth expected to climb to 6% next year. Reforms in the energy sector have made the supply of electricity to businesses and people more reliable and attracted over US$15 billion in foreign direct investment.