{"id":625253,"date":"2024-06-25T00:00:00","date_gmt":"2024-06-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/25\/world-bank-greenlights-usd-700-mn-in-development-financing\/"},"modified":"2024-06-25T00:00:00","modified_gmt":"2024-06-25T00:00:00","slug":"world-bank-greenlights-usd-700-mn-in-development-financing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/25\/world-bank-greenlights-usd-700-mn-in-development-financing\/","title":{"rendered":"World Bank greenlights USD 700 mn in development financing"},"content":{"rendered":"

World Bank funds to begin rolling in:<\/strong> The World Bank has announced that it will be providing Egypt with USD 700 mn in Development Policy Financing (DPF) to help \u201csupport the country to shift toward more private sector participation, better macroeconomic and fiscal resilience, and a greener growth trajectory,\u201d the World Bank<\/a> and the International Cooperation Ministry<\/a> said in separate statements yesterday.<\/p>\n

The funding comes as <\/strong>part<\/strong> of a three-year USD 6 bn financing package from the bank <\/strong>that was announced<\/a> in March shortly following the float of the EGP, which the bank said is designed to help boost private sector growth and job creation and \u201cenhance human capital outcomes, foster climate resilience, and strengthen economic management.\u201d Of the USD 700 mn included in the current DPF, USD 200 mn will be contingent on complementary financing from other development partners, the bank said.<\/p>\n

The DPF round is the first in a \u201cprogrammatic series of three operations,\u201d<\/strong> the bank continued, with this particular round targeting the advancement of reforms that include:<\/p>\n