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The World Bank will lend Egypt USD 7 bn over the next five years to support private-sector job growth, health and education services, and climate measures, it said in a statement Wednesday. The Country Partnership Agreement, approved by the bank’s executive board on Tuesday, will see the International Bank for Reconstruction and Development (IBRD) provide USD 1 bn a year through to 2027 and the International Finance Corporation (IFC) lend USD 2 bn during the period.
The plan: The agreement looks to achieve its goals by creating more and better private-sector jobs, improve the provision of health and education services, and strengthen the country’s resilience to macro-economic and climate-related shocks.
It’s been two years since the last CPF ended: The previous CPF initially covered FY 2015 – 2019, and was extendedfor an additional two years to end in 2021. It included a total of USD 8 bn of WBG financing — of which USD 6 bn was allocated from the IBRD and, again, USD 2 bn from IFC.
