World Bank gears up for 2nd phase of Egypt’s budget support program in 2025
Updated 2/5/2025 12:50:00 PM
Arab Finance: The World Bank (WB) is preparing for the second phase of Egypt’s budget support program, following the successful completion of the $500 million first phase in mid-2024, the WB’s regional director for Egypt, Yemen, and Djibouti, Stephane Guimbert told Asharq Business.
Gimbert did not disclose the value of the second tranche.
The program, part of a larger $6 billion support package announced in March 2024, aims to aid Egypt’s economic reform efforts.
Half of the total funding is allocated to support Egypt’s general budget, while the other half focuses on strengthening the private sector.
In addition to the budget support, the World Bank provided $700 million in June 2024 to enhance private sector participation, improve macroeconomic resilience, and foster environmentally sustainable growth.
The financing also includes a conditional $200 million, subject to further development partner funding.
On the sidelines of the third edition of the Venture Capital Summit in Cairo, Gimbert noted that the World Bank’s total projects in Egypt are valued between $6 and $7 billion, covering a broad partnership program with the Egyptian government.
These efforts focus on three key areas: strengthening the private sector, advancing human development through health, education, and social protection projects, and promoting green transformation by improving air quality and upgrading the transportation sector.
Additionally, the World Bank’s partnership with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has supported 200,000 beneficiaries in its first phase, with a $50 million allocation focused on women and young entrepreneurs.
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