The World Bank will lend Egypt USD 7 bn over the next five years to support climate action, among other objectives, according to a statement released last week. The Country Partnership Agreement, approved by the bank’s executive board last week, will see the International Bank for Reconstruction and Development (IBRD) extend USD 1 bn a year through to 2027 and the International Finance Corporation (IFC) lend USD 2 bn for the same duration.

Targets: The agreement looks to achieve its goals by upscaling the country’s climate mitigation and adaptation capacity, creating more and better private-sector jobs, and improving the provision of health and education services.

It’s been two years since Egypt’s last Country Partnership Framework (CPF) ended: The country’s previous CPF initially covered 2015-2019, and was extended for an additional two years to end in 2021. It included a total of USD 8 bn of WB financing — of which USD 6 bn was allocated from the IBRD and, again, USD 2 bn from IFC.

More WB funding coming Egypt’s way: Egypt is set to receive a USD 9.13 mn grant from the World Bank to tackle the management of e-waste and healthcare waste disposal systems. The grant — disbursed by the lender’s Global Environment Facility — will be used to improve waste management in healthcare and e-waste in a bid to reduce the release of Unintentional Persistent Organic Pollutants.

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