World Bank approves $1 billion to support Egypt’s economy

The World Bank has approved a billion dollar financing package to support Egypt’s efforts in boosting private sector-led job creation, strengthening macroeconomic and fiscal resilience, and advancing its transition toward a green economy. This funding includes a $200 million credit guarantee provided by the UK. Known as the “Building Resilience, Opportunities, and Wealth for Egypt’s Prosperity and Stability (BROWS)” program, this second phase of this development policy financing aims to support policies that create more jobs, ensure sustainable public financial management, and accelerate green growth. The World Bank’s Country Director for Egypt, Yemen, and Djibouti, Stefan Guimbert,  stated: “Egypt is moving forward with an ambitious reform agenda aimed at encouraging private sector investment, creating jobs, and strengthening social protection within a highly challenging context.” The Deputy Foreign Minister for International Cooperation, Samar al-Ahdal, explained that reforms under this project will provide more and better jobs for Egyptians, protect vulnerable citizens, and ensure sustainable, inclusive growth. UK Ambassador to Egypt, Mark Bryson-Richardson, added that this operation will unlock investments, bolster economic stability, and support sustainable growth for the benefit of the Egyptian people. And Professor of Economics at Zagazig University and former Governor of the Central Bank of Egypt, Mahmoud Abul-Eyoun, called for accelerating the implementation of green transition plans and reliance on renewable energy. He told Al-Masry Al-Youm that taking serious steps in renewable energy would alleviate the energy price shock for both the state and the citizens—specifically regarding the import bill and costs borne by individuals—which currently impact all prices, as Egypt currently relies on imports for a large portion of its energy needs. Edited translation from Al-Masry Al-Youm The post World Bank approves $1 billion to support Egypt’s economy appeared first on Egypt Independent.