{"id":631395,"date":"2018-03-18T04:25:49","date_gmt":"2018-03-18T04:25:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/egypt-must-expand-the-social-safety-net-to-support-the-middle-class-world-bank-group\/"},"modified":"2018-03-18T04:25:49","modified_gmt":"2018-03-18T04:25:49","slug":"egypt-must-expand-the-social-safety-net-to-support-the-middle-class-world-bank-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/egypt-must-expand-the-social-safety-net-to-support-the-middle-class-world-bank-group\/","title":{"rendered":"Egypt must expand the social safety net to support the middle class -World Bank Group"},"content":{"rendered":"<p><strong>Egypt\u2019s next wave of reform needs to pay special attention to supporting the middle class, <\/strong>according to Merza Hasan, dean of the executive board and executive director of the World Bank Group (WBG). \u201cThere must be a social protection program for the middle class because it\u2019s that group that will be the main driving force for the economy,\u201d he said, noting that while absolutely necessary, reforms have not been cost-free, especially for the mid- and lower-income classes. Speaking to the press delegation that accompanies AmCham on its 40th Doorknock mission to Washington, DC, Hasan pointed out that the government is aware of the social implications of its reform program and need to help the middle class overcome these challenges and push through to a new chapter of economic prosperity.<\/p>\n<p><strong>Improving health and education is another must. <\/strong>\u201cThe Bank and Egyptian government are very focused on tackling the issues facing the sectors of health and education because these ensure the sustainability of the economic reform measures that have been adopted,\u201d said the WBG\u2019s Alternate Executive Director Ragui El-Etreby, adding that actively pursuing good governance practices is also important for development. Human capital is Egypt\u2019s greatest asset, Hasan also said, and educational reform should deviate traditional norms to focus on skill development and capacity building to enhance people\u2019s employment prospects. \u201cI believe that if we begin taking serious steps in reforming health and education then we will have provided the middle class with the protection it needs,\u201d Hasan said. \u201cBut these things take time.\u201d<\/p>\n<p><strong>Talks are already ongoing between the WBG and Egypt to decide on the best ways to expand the scope of their partnership to include health and education<\/strong>, according to El-Etreby, who said he expects to see \u201ctangible developments\u201d on that front soon.<\/p>\n<p><strong>It\u2019s still unclear how much financial support Egypt can expect from the World Bank in 2018, but we could be looking at a package of over USD 1 bn<\/strong> to match last year\u2019s if the Group is able to bolster its own capital. This past fiscal year already saw the WBG expand its budget for the region to USD 6 bn from USD 2.7 bn previously, and Egypt specifically has received significant focus as a reflection of confidence in ongoing development. \u201cWe know that reform efforts are serious this time around because they have come to include a social aspect to ensure their sustainability...and we already seeing results,\u201d he said, pointing specifically to the WBG\u2019s partnership with Egypt on renewable energy and the USD 500 mn development package for Upper Egypt. Hasan pointed out that the Bank is not only interested in providing Egypt with financial support, but also technical support and capacity building.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s next wave of reform needs to pay special attention to supporting the middle class, according to Merza Hasan, dean of the executive board and executive director of the World Bank Group (WBG). \u201cThere must be a social protection program for the middle class because it\u2019s that group that will be the main driving force [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[11968],"tags":[1210,72,11969,11970],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-631395","post","type-post","status-publish","format-standard","hentry","category-spotlight-amchams-2018-doorknock-in-washington-dc","tag-dc","tag-enterpriseam","tag-spotlight-amchams-2018-doorknock-in-washington","tag-spotlight-amchams-2018-doorknock-in-washington-dc","wpautop","entry"],"acf":{"mongo_id":"e2cde0a7-6d28-4cda-9fdc-3e867bd3f288","order":"0","is_powered_by":true,"section_story_id":"be408dd2-ad82-4577-abb1-07ab5b6b7eb8","story_type":"1","photo_url":"","photo_position":"above","related_issue":[631370],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Today, we have coverage of a World Bank Group briefing and a panel discussion\u2026","rel":"","context":"In &quot;SPOTLIGHT: AMCHAM\u2019S 2018 DOORKNOCK IN WASHINGTON, DC&quot;","block_context":{"text":"SPOTLIGHT: AMCHAM\u2019S 2018 DOORKNOCK IN WASHINGTON, DC","link":"https:\/\/enterpriseam.com\/egypt\/category\/spotlight-amchams-2018-doorknock-in-washington-dc\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631396,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/panel-report-egypt-is-open-for-business\/","url_meta":{"origin":631395,"position":1},"title":"Panel report: Egypt is open for business.","author":"enterpriseam admin","date":"18 March 2018","format":false,"excerpt":"PANEL REPORT- Egypt is open for business. That was the main message AmCham members delivered to a US audience at a panel discussion last week before a US audience led by AmCham President Tarek Tawfik, who was joined by CIB CEO for Consumer Banking Ahmed Issa, Ahead of the Curve\u2026","rel":"","context":"In &quot;SPOTLIGHT: AMCHAM\u2019S 2018 DOORKNOCK IN WASHINGTON, DC&quot;","block_context":{"text":"SPOTLIGHT: AMCHAM\u2019S 2018 DOORKNOCK IN WASHINGTON, DC","link":"https:\/\/enterpriseam.com\/egypt\/category\/spotlight-amchams-2018-doorknock-in-washington-dc\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/3\/1187.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631450,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/19\/wrap-up-of-amchams-doorknock-in-washington-dc\/","url_meta":{"origin":631395,"position":2},"title":"Wrap-up of AmCham\u2019s Doorknock in Washington, DC","author":"enterpriseam admin","date":"19 March 2018","format":false,"excerpt":"US trade delegation reportedly inbound after AmCham wraps 40th Doorknock in Washington, DC: AmCham wrapped up its fortieth annual Doorknock mission to Washington, DC, last week on what its leadership called a \u201chigh note,\u201d with plans for a 50-company US trade delegation to make a return visit to Cairo in\u2026","rel":"","context":"In &quot;Spotlight&quot;","block_context":{"text":"Spotlight","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/spotlight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/3\/CapitolHill-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":647138,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/03\/tahrir-institute-briefs-journos-on-amcham-doorknock-mission-to-us\/","url_meta":{"origin":631395,"position":3},"title":"Tahrir Institute briefs journos on AmCham Doorknock mission to US","author":"enterpriseam admin","date":"3 May 2017","format":false,"excerpt":"Dispatch from DC: Enterprise attended a meeting at the Tahrir Institute for Middle East Policy in Washington, DC. 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