The World Bank will provide Egypt with a USD 6 bn financing package over the next three years, the International Cooperation Ministry and the World Bank said in separate statements. The package is subject to the group's board approval, which is anticipated before the end of June.
The breakdown of the funding:
- USD 3 bn for the gov’t: Half of the funding will go to the government to support its economic and structural reforms, social protection programs, and its green economy transition.
- USD 3 bn for the private sector: The other half will be distributed through the group’s 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.
