The World Bank (WB) approved a new country partnership framework (CPF) for Egypt for the next four years (FY2023-2027), providing Egypt with $7 billion in funds, to support the country’s green and inclusive development efforts.

The CPF funding will come in the form of loans worth $1 billion from the International Bank for Reconstruction and Development (IBRD), around $2 billion from the International Finance Corporation (IFC) during the entire CPF period, and guarantees from the Multilateral Investment Guarantee Agency (MIGA).

The new CPF aligns with the government of Egypt’s Sustainable Development Strategy, “Egypt Vision 2030,” and the country’s National Climate Change Strategy (NCCS) 2050.

The framework will be supported by a robust set of WBG analytics, including the Systematic Country Diagnostic, the Country Private Sector Diagnostic, and the Country Climate and Development Report.

“We are proud to continue our strategic partnership with Egypt, and we are committed to supporting ongoing efforts dedicated to improving the quality of life for Egyptians. This CPF supports Egypt’s efforts to build back better by creating green, resilient, and inclusive development conditions. It puts the Egyptian people at the center of its strategy, with a heavy focus on job creation by improving the business environment and leveling the playing field,” said Marina Wes, World Bank Country Director for Egypt, Yemen, and Djibouti.

“The private sector plays a critical role in supporting the development of a green, resilient, and inclusive economy. This Country Partnership Framework demonstrates that when the private sector grows, people have access to more and better jobs – which ultimately helps them lead better lives,” according to Cheick-Oumar Sylla, the International Finance Corporation (IFC) regional director for North Africa and the Horn of Africa.

The strategy seeks to achieve three high-level outcomes, including additional and improved private sector jobs through supporting the creation of an empowering environment for private sector-led investments and job opportunities and creating a level playing field for the private sector.