World Bank Group’s current portfolio in Egypt surged to US$5.4 billion in FY2015, including 26 projects.
The current portfolio of the World Bank Group in Egypt encompasses 17 lending operations for the International Bank for Reconstruction and Development (IBRD), part of World Bank, worth US$5.27 billion in addition to 9 major Trust Funds at value of US$139.6 million.
The World Bank finances projects for faster delivery of benefits to the people of Egypt in key sectors including energy, transport, water and sanitation, agriculture and irrigation as well as health and education.
The World Bank Group’s second round of discussions with various stakeholders throughout Egypt is taking place this week in Cairo, Alexandria and Aswan to prepare for a new partnership strategy which will guide the Group’s engagement in the country over the next five years.
The 2015-2019 Country Partnership Framework (CPF) aims at supporting Egypt’s development priorities consistent with the regional strategy of the World Bank Group in the Middle East and North Africa and the World Bank Group’s overarching goal of ending extreme poverty and boosting shared prosperity.
Between FY11-14, the private sector arm of the World Bank, International Finance Corporation (IFC) committed a total of almost US$1.1 billion in 20 projects (of which $392 million is mobilization).
“IFC has focused on supporting companies with the ability to create jobs, boosting access to finance for small and medium enterprises, and demonstrating Egypt’s long-term potential to investors.” The World Bank noted in a statement released on Monday, February 23, 2015.
“IFC has also worked on promoting regulatory reforms designed to spur economic growth; and boosting the skills of young job seekers.”
In FY2013, the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, issued a guarantee for US$150 million, reinsuring the United States Overseas Private Investment Corporation’s coverage to Apache Corporation for the exploration, development and production of crude oil and natural gas helping to keep up the supply of energy with the growing domestic demand.
The Country Partnership Framework will be officially presented to the World Bank Group’s Board of Directors in May 2015 after it has been discussed with the Government of Egypt.
Consultations in Upper Egypt demonstrate the significance of lagging regions as a development priority for Egypt and also underline the World Bank’s keen interest in listening to input and feedback from stakeholders across the country.
