World Bank Group plans $8bn financing for Egypt till 2019

The World Bank Group's Board of Executive Directors endorsed a new Country Partnership Framework (CPF) to support Egypt within a five-year plan.

The CPF for Egypt, prepared jointly by the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), covers the period 2015 through 2019. It is informed by consultations with a broad range of stakeholders in Egypt.

During this 5-year period, IBRD plans on financing around US$6 billion while IFC plans on financing of about US$2 billion for total World Bank Group financing of US$8 billion.

The CPF will also help implement the World Bank Group's strategy for the Middle East and North Africa Region, which is focused on supporting peace and stability, prerequisites for fighting poverty and boosting shared prosperity.

"World Bank Group support to Egypt will focus on the country's urgent need to create more jobs, especially for the youth, improve quality and inclusiveness in service delivery, and promote more effective protection of the poor and the vulnerable," said World Bank Country Director for Egypt, Yemen and Djibouti Asad Alam.