World Bank lending Egypt $700m to strengthen economy, facilitate green transition
By Andrei Skvarsky.
The World Bank has approved a loan of $700m for Egypt as part of a three-year $6bn programme to make the country’s economy more efficient and resilient, give a bigger role to the private sector and facilitate green transition.
The loan, one of the international institution’s “development policy financing (DPF)” instruments, is, among other things, planned to fund measures to improve the management of state-owned enterprises and prevent non-competitive mergers and acquisitions, according to a statement from the bank.
Part of the PDF is going to be put into green transition measures such as more extensive use of renewable energy and raising efficiency in the electricity, water supply and sanitation sectors.
The $6bn programme, which was adopted by the World Bank in March 2024 and has objectives including job creation, enhancement of human capital and the economy’s resilience to climate change, is going to be a mix of financing instruments, a World Bank spokesperson told EmergingMarkets.me by email.
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