Cairo:Egypt has entered into a $1 billion financing agreement with the World Bank, marking the second phase of its Development Policy Financing (DPF) program. This initiative aims to support structural reforms that enhance the business environment, bolster economic resilience, and expedite the country's transition to a green economy.
According to Emirates News Agency, Egyptian Foreign Minister Badr Abdelatty, who also serves as Egypt's governor at the World Bank, and Alwaleed Alatabani, the World Bank's Division Director for Egypt, signed the agreement. The program, titled 'Building Resilience, Creating Opportunities and Enhancing Wealth for Egypt's Prosperity and Stability,' is crafted to aid reforms that boost the competitiveness of Egypt's economy, enhance its capacity to handle external shocks, and promote a shift toward a green economic model.
The second phase of the program concentrates on structural reforms related to the governance of state-owned enterprises. This includes eliminating barriers to private investment and growth, reinforcing fair competition, enhancing domestic revenue mobilization, and lowering the government's borrowing costs. The agreement aligns with the government's ongoing efforts to secure development financing from international and regional bodies to fortify economic resilience. It also aligns with Egypt's goals to enhance competitiveness, encourage green development, and foster an investment-friendly environment conducive to job creation.
