World Bank to provide over $6B to Egypt in next 3 years

By Ovunc Kutlu

ISTANBUL (AA) - The World Bank Group announced Monday that it will provide more than $6 billion of support to Egypt over the next three years.

The amount includes $3 billion in financial support to the government’s programs and $3 billion for the private sector that includes mobilization.

Programs will focus on increasing opportunities for private sector participation in the economy, including through the government’s Asset Monetization Program, strengthening the governance of state-owned enterprises, and improving the efficiency and effectiveness of public resource management.

The World Bank Group said its current operational portfolio of over $8 billion in Egypt consists of $6 billion from the International Bank for Reconstruction and Development, $1.9 billion from the International Finance Corporation and $0.5 billion from the Multilateral Investment Guarantee Agency.

Earlier this month, Egypt signed an expanded $8 billion loan agreement with the International Monetary Fund.