World Bank Group launches new partnership framework for Egypt

World Bank Group launches new partnership framework for Egypt
Cars are seen on a road at Nasr City, a suburb of Cairo, Egypt. (File/Reuters)
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Updated 23 March 2023

World Bank Group launches new partnership framework for Egypt

World Bank Group launches new partnership framework for Egypt
  • Framework aims to boost private-sector jobs, improve human capital and enhance shock resilience

CAIRO: The World Bank Group’s board of executive directors on Wednesday approved a new Country Partnership Framework for Egypt, which lays out a strategy in the country for 2023–2027, Emirates News Agency reported.

The new CPF is in line with Egypt’s Sustainable Development Strategy, Vision 2030, and National Climate Change Strategy 2050. It aims to achieve three high-level outcomes.

First, the framework aims to boost private-sector jobs by fostering an enabling environment for private sector-led investments and job opportunities, as well as by establishing a level playing field for the private sector.

Second, the CPF seeks to improve human capital outcomes by promoting inclusive, equitable, and improved health and education services, as well as effective social protection programs.

Third, it seeks to improve shock resilience through improved macroeconomic management and climate change adaptation and mitigation measures.

“The Country Partnership Framework 2023 -2027 between Egypt and the World Bank Group establishes a new phase of development cooperation and joint action to support efforts in achieving inclusive and sustainable growth. This is anchored in national objectives, the country’s 2030 vision and presidential initiatives,” Dr. Rania Al-Mashat, Egypt’s minister of international cooperation, said.

“Through our extended partnership with the World Bank Group, more work will be done over the next five years to stimulate private sector engagement in development projects, increase job opportunities, enhance investment in human capital and promote climate action,” Al-Mashat added.

Marina Wes, the World Bank’s country director for Egypt, Yemen and Djibouti, said: “This CPF supports Egypt’s efforts to build back better by creating conditions for green, resilient, and inclusive development. 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.”

The CPF also aims to strengthen Egypt’s role in regional integration by improving regional trade and increasing connectivity in infrastructure, transportation, energy, and labor.

Furthermore, the CPF seeks to integrate governance and citizen engagement as well as women’s empowerment across its programs.