{"id":617256,"date":"2024-03-19T00:00:00","date_gmt":"2024-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/world-bank-pledges-usd-6-bn-financing-package-for-egypt\/"},"modified":"2024-03-19T00:00:00","modified_gmt":"2024-03-19T00:00:00","slug":"world-bank-pledges-usd-6-bn-financing-package-for-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/world-bank-pledges-usd-6-bn-financing-package-for-egypt\/","title":{"rendered":"World Bank pledges USD 6 bn financing package for Egypt"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A USD 6 bn package from the World Bank: <\/strong>The World Bank will provide Egypt with a USD 6 bn financing package over the next three years, the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MOICEgypt\/posts\/pfbid0pjh5Wm1ht83SjZfAAa8n3nYqgAmQ1c1yyW4T1RZ7ZqAQrXhJxPoUHaEiXHvK4GEvl\" style=\"\" rel=\"noopener\">International Cooperation Ministry<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/news\/statement\/2024\/03\/18\/world-bank-group-statement-of-support-to-egypt-s-development-and-reform-efforts\" style=\"\" rel=\"noopener\">World Bank<\/a> said in separate statements. The package is subject to the group's board approval, which is anticipated before the end of June. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s double what we were expecting:<\/strong> Finance Minister Mohamed Maait <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4286f10b-5618-426b-87de-d53d22d9591a\" style=\"\" rel=\"noopener\">had previously said<\/a> that the World Bank will be extending some USD 3 bn in financing to Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown of the funding:<\/strong><\/p>\n<ul>\n<li><strong>USD 3 bn for the gov\u2019t: <\/strong>Half of the funding will go to the government to support its economic and structural reforms, social protection programs, and its green economy transition.<\/li>\n<li><strong>USD 3 bn for the private sector: <\/strong>The other half will be distributed through the group\u2019s private sector arm, the International Finance Corporation (IFC), and will go to the private sector. The funding will be delivered in the form of equity and loans made up partly by investor funds.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Target reached: <\/strong>Finance Minister Mohamed Maait had previously said that Egypt could receive a total of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/298d8f45-7f19-4800-8b35-e7cc6cbad8ba\" style=\"\" rel=\"noopener\">USD 20 bn in foreign support<\/a>. Our expanded <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/033d5dd6-d417-4ad7-8154-b113a19b96a7\" style=\"\" rel=\"noopener\">USD 8 bn IMF program<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\" style=\"\" rel=\"noopener\">EU EUR 7.4 bn (c. USD 8.05 bn) package<\/a> of loans, grants and investments in addition to the World Bank package puts us at USD 22.1 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All in all, we\u2019ve locked in over USD 57 bn in inflows<\/strong>, taking into account the ADQ\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">USD 35<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">bn agreement<\/a> for the development of Ras El Hekma. \u201cThat\u2019s enough to address the country\u2019s USD shortages for a few years. But addressing the chronic trade deficit, the flexibility of the exchange rate, and the dominant role of the army in the economy would require more than throwing money at these problems,\u201d Bloomberg\u2019s chief emerging markets economist <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-18\/world-bank-to-provide-egypt-with-over-6-billion-in-support\" style=\"\" rel=\"noopener\">Ziad Daoud said<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come: <\/strong>Maait said we\u2019re in line for USD 1-1.2 bn from the IMF\u2019s Resilience and Sustainability Facility, in addition to funding from Japan and the UK. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Funds by summer:<\/strong> The World Bank is expected to disburse the first USD 1 bn by the end of June after the board approved the package, Egypt country director Stephane Guimbert told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/world-bank-group-provide-egypt-with-6-bln-over-three-years-2024-03-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. \u201cSome significant part of that will go to budget support. and then we have a range of programs on climate, on SMEs, etc,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The World Bank\u2019s aims:<\/strong> The group is \u201ccommitted to its long-term strategic partnership with Egypt\u201d and wants the funds to support the private sector\u2019s participation in the state\u2019s privatization program, strengthen the governance of state-owned enterprises, and improve the efficiency and effectiveness of public resource management.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part of a wider framework: <\/strong>The financing falls under the World Bank\u2019s 2023-2027 Country Partnership Framework with Egypt, under which the bank\u2019s International Bank for Reconstruction and Development (IBRD) will be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55ed1a19-6f3f-4d9a-a744-9e4c3520dc08\/egypt-secures-usd-7-bn-world-bank-loan-to-support-private-sector,-climate-goals\" style=\"\" rel=\"noopener\">lending us USD 1 bn a year<\/a> through to 2027 to support private-sector job growth, health and education services, and climate measures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The World Bank\u2019s current operational portfolio in Egypt is valued at over USD 8 bn<\/strong> \u2014 of which USD 6 bn was allocated from the IBRD and USD 2 bn from the IFC and the Multilateral Investment Guarantee Agency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The funds will be split between the government and Egyptian private sector<\/p>\n","protected":false},"author":1,"featured_media":617257,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,759,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-international-finance-corporation","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"19bac262-1a66-4b6e-af15-3fd23f52c1e2","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1608.jpg","photo_position":"above","homepage_title":"","full_issue_title":"World Bank pledges USD 6 bn financing package for Egypt","related_issue":[617251],"teaser":"The funds will be split between the government and Egyptian private sector","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.8b83ad0e-cdc5-419f-9d69-042b2c5d24a1.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The facility will be divided into a USD 1 bn Islamic financing tranche and a USD\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574166,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/01\/egypt-secures-usd-2-bn-loan-from-intl-banking-consortium\/","url_meta":{"origin":617256,"position":1},"title":"Egypt secures USD 2 bn loan from int\u2019l banking consortium","author":"enterpriseam admin","date":"1 September 2020","format":false,"excerpt":"Egypt has closed a USD 2 bn financing package with regional and international banks to plug budget shortfalls resulting from the covid-19 crisis, Finance Minister Mohamed Mait said in a statement yesterday. The one-year facility is divided into two tranches: USD 1.5 bn offered on conventional terms and a USD\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/8.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566306,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/10\/state-banks-get-plenty-of-funding-from-global-lenders\/","url_meta":{"origin":617256,"position":2},"title":"State banks get plenty of funding from global lenders","author":"enterpriseam admin","date":"10 June 2021","format":false,"excerpt":"Banque du Caire (BdC) signed a financing agreement worth USD 200 mn with the African Export-Import Bank (Afreximbank), chairman and CEO of BdC Tarek Fayed told Al Mal in an interview today. The funding will be directed at BdC\u2019s expansion plans in Africa and financing intra-trade across the continent, he\u2026","rel":"","context":"In &quot;SPEED ROUND: DEBT WATCH&quot;","block_context":{"text":"SPEED ROUND: DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568933,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/09\/ebrd-qnb-alahli-agree-usd-82-mn-climate-finance-package\/","url_meta":{"origin":617256,"position":3},"title":"EBRD, QNB Alahli agree USD 82 mn climate finance package","author":"enterpriseam admin","date":"9 February 2020","format":false,"excerpt":"EBRD commits fresh capital to climate finance in Egypt: The European Bank of Reconstruction and Development (EBRD) and QNB Alahli have agreed a USD 82 mn financial package to fund green and SME-led projects in Egypt, the EBRD said in a statement. The package consists of a USD 17 mn\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573511,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/amer-calls-for-huge-imf-world-bank-rescue-package-for-africa\/","url_meta":{"origin":617256,"position":4},"title":"Amer calls for huge IMF, World Bank rescue package for Africa","author":"enterpriseam admin","date":"9 August 2020","format":false,"excerpt":"Amer calls for huge IMF, World Bank rescue package for Africa: Central Bank of Egypt Governor Tarek Amer has called on the IMF and the World Bank to extend more than USD 500 bn in financial assistance to African countries, the local press reports. Speaking at the IMF \/ World\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/45.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":700724,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/world-bank-greenlights-usd-1-bn-in-concessional-financing\/","url_meta":{"origin":617256,"position":5},"title":"World Bank greenlights USD 1 bn in concessional financing","author":"enterpriseam admin","date":"10 May 2026","format":false,"excerpt":"The World Bank Group approved USD 1 bn in concessional financing for Egypt under the second phase of its Growth program, tied to structural reforms targeting state ownership, debt markets, and private-sector mobilization, it said in a statement (pdf).The package includes USD 800 mn from the World Bank and a\u2026","rel":"","context":"In &quot;The Big Story Today&quot;","block_context":{"text":"The Big Story Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-big-story-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/5\/412.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=617256"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617256\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/617251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/617257"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=617256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=617256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=617256"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=617256"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=617256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}