Egypt and the World Bank signed on Dec. 9 a $1 billion financing program to support the next phase of the Egyptian reform program.
The next phase of the Egyptian reform program will focus on creating opportunities for Egyptians and raising their living standards by strengthening the private sector and improving the government performance.
The World Bank added in a statement that the signing ceremony of the Development Policy Loan Agreement for the Private Sector Development Project was held in Sharm El-Sheikh, Egypt, on the sidelines of the Africa 2018 Forum in order to achieve inclusive growth.
The agreement was signed by Minister of Investment and International Cooperation Sahar Nasr on behalf of Egypt, while Farid Belhadj, the World Bank’s vice president for the Middle East and North Africa, represented the World Bank in the signing. The signing ceremony was attended by Egypt’s Prime Minister Mostafa Madbouli.
Nasr announced in October that the World Bank will finance youth projects, including women projects and projects of FEKRETAK SHERKETAK initiative, by $200 million.
Egypt embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit.
The country floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF).