World Bank Mission Visits Egypt to Discuss State Ownership Policy And FinancingSource: www.export-egypt.com 1/10/2024, Location: Africa |
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A mission from the World Bank (WB) arrived in Egypt on Tuesday for a multi-day visit to discuss the development of the country's State Ownership Policy Document and how best to manage these assets, according to a statement by the Ministry of International Cooperation .
The mission is expected to delve into financing tools and programmes that could be made available to Egypt. The International Monetary Fund (IMF) expects the WB to be a major partner in helping Egypt bridge its financing gap, which is projected to reach $17 billion by 2026. The mission’s visit complements the ongoing advisory role played by the International Finance Corporation (IFC) – a member of the World Bank Group – in the government's initial public offering (IPO) programme. This programme aims to expand private sector involvement in Egypt's development, bolster economic growth, and provide diverse opportunities for private enterprises. Egypt, as one of the founding members of the WB, holds the distinction of being the third-largest shareholder in the Middle East and North Africa region. The collaboration between Egypt and the World Bank dates back to 1959, with the WB financing a total of 175 projects amounting to nearly $26 billion in vital sectors such as infrastructure, human capital development, and public sector reforms. In March, the WB approved a new Country Partnership Framework (CPF) for Egypt, outlining the institution's strategy in the country for the fiscal years 2023 to 2027. This framework will be supported by a financial package worth $7 billion, including $1 billion in annual loans from the International Bank for Reconstruction and Development (IBRD) and approximately $2 billion from the International Finance Corporation (IFC) throughout the CPF period. Additionally, guarantees will be provided by the Multilateral Investment Guarantee Agency (MIGA). |
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