The World Bank announced today, Wednesday, that it has approved a new strategic partnership with Egypt for the years 2023 to 2027 with a funding of $7 billion. The focus will be on creating more job opportunities in the private sector, supporting better healthcare and education services, and aiding climate change adaptation measures.
The bank stated that "the agreement includes the provision of $1 billion annually from the International Bank for Reconstruction and Development and approximately $2 billion over the entire partnership period from the International Finance Corporation."
Among the goals of the agreement is to help Egypt achieve equal opportunities for the private sector, encourage investment, and manage the economy better to be more resilient in the face of shocks.
The Egyptian economy has faced severe pressures over the past year, as the repercussions of the Russian invasion of Ukraine revealed underlying problems. The government announced ambitious privatization plans, but the sale of state assets has been postponed several times.
The International Finance Corporation, part of the World Bank Group, announced today that it has partnered with the European Bank for Reconstruction and Development and the Egyptian Sovereign Fund to build water desalination plants in Egypt through a public-private partnership model.
The International Finance Corporation stated that the program is part of Egypt's plan to increase desalinated water supplies to 8.8 million cubic meters of water per day by 2050, adding that the first plants will be established in the coastal governorate of Marsa Matrouh in the northwest of the country.
Egypt relies almost entirely on the Nile River for freshwater supplies and is one of the countries at high risk from the impacts of climate change.
