Speaking to Ashraq Business on the sidelines of the International Monetary Fund and WB’s spring meetings, Al Mashat noted that the financing will also be directed towards Egypt’s reform programs
Minister of International Cooperation (MoIC), Rania Al Mashat, expects Egypt to receive around $1 billion from the World Bank (WB) during the second half of 2024 as part of the $6 billion support package announced back in March.
Speaking to Ashraq Business on the sidelines of the International Monetary Fund and WB’s spring meetings, Al Mashat noted that the financing will also be directed towards Egypt’s reform programs.
The World Bank’s comprehensive program, which will be disbursed within the coming 3 years, includes $3 billion for governmental programs and an additional $3 billion for the private sector. The announcement for the program was released within 24 hours of the EU’s pledge to provide a $7.8 billion support package.
Al Mashat explained that the agreement with the WB has 3 axes; stabilizing the macroeconomic and increasing its solidity, enhancing competitiveness and private sector participation, and promoting the country’s green transformation.
The minister indicated that work is underway with the International Finance Corporation, affiliated with the World Bank, regarding Egypt’s privatization program for offering state-owned companies and assets.
Al Mashat’s comments comes within 24 hours of Finance Minister Mohamed Maait sharing that Egypt’s plans to complete its privatization program within the coming 3-5 years.
During an interview on Wednesday, the finance minister stressed that the government remains committed to the program. The program, which was revitalized back in March 2023, includes 40 state-owned companies across 18 sectors which will be disseminated through its initial public offerings (IPO) or offerings to strategic investors.
The program is expected to bring in revenues of $6.5 billion in 2024.
The MoICMin also revealed that Egypt is working with the World Bank on measures related on the governance of state-owned companies.
Egypt’s delegation at the WB and IMF meetings includes Al Mashat, Maait, and the Central Bank of Egypt’s governor, Hassan Abdallah.
