World Bank’s new 7-billion-dollar CPF aligns with Egypt’s SDGs

22 / 03 / 2023

• news
• The New Republic

The World Bank’s new Country Partnership Framework (CPF) for Egypt – that worth about $ 7 billion – aligns with the Government of Egypt’s Sustainable Development Strategy (SDS), “Egypt Vision 2030,” and the National Climate Change Strategy (NCCS) 2050.

The CPF lays out the World Bank Group’s strategy in the country for FY2023–2027 and builds upon a strong set of World Bank Group analytics, including the Systematic Country Diagnostic, the Country Private Sector Diagnostic and the Country Climate and Development Report.

“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. Through our extended partnership with the World Bank Group , more work will be done over the next 5 years to stimulate private sector engagement in development projects, increase job opportunities, enhance investment in human capital and promote climate action,” said Minister of International Cooperation and Governor of Egypt at the World Bank Group, Dr. Rania A. Al-Mashat.

“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 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,” 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,” said Cheick-Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa. “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.”

The CPF seeks to accomplish its objectives by achieving three high-level outcomes; including more and better private sector jobs: through supporting the creation of an empowering environment for private sector-led investments and job opportunities as well as creating a level playing field for the private sector.

It also seeks to achieve enhanced human capital outcomes; through supporting the provision of inclusive, equitable and improved health and education services as well as effective social protection programs.

It also aims to realize improved resilience to shocks; through strengthened macroeconomic management, and climate change adaptation and mitigation measures.

The CPF also intends to strengthen Egypt’s role in regional integration, which has positive implications for Egypt and potentially the broader region through enhanced regional trade and greater connectivity in infrastructure, transport, energy, and labor. Through the CPF the World Bank Group will also continue to support Egypt’s ambitions to lead the climate mitigation and adaptation agenda in the region, following the presidency of COP27.

Additionally, the CPF aims to integrate two cross-cutting themes—governance and citizen engagement, and women’s empowerment— across programs.

The CPF will be implemented jointly by the World Bank, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), building on the three institutions’ current portfolios and adopting a flexible approach to lending. The CPF will be supported through a financial envelope of $7 billion in lending ($1 billion per year from IBRD and about $2 billion during the entire CPF period from IFC), in addition to guarantees from MIGA. Partnerships remain a crucial component of the strategy.