{"id":71899,"date":"2021-10-28T19:16:06","date_gmt":"2021-10-28T17:16:06","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=71899"},"modified":"2021-10-28T19:16:06","modified_gmt":"2021-10-28T17:16:06","slug":"world-bank-to-extend-360-m-loan-to-back-egypts-post-pandemic-recovery","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/world-bank-to-extend-360-m-loan-to-back-egypts-post-pandemic-recovery\/","title":{"rendered":"World Bank to extend $360 m loan to back Egypt\u2019s post-pandemic recovery"},"content":{"rendered":"

The World Bank<\/a> approved allocating a $360 million Development Policy Financing (DPF) loan to support Egypt\u2019s post-pandemic recovery and enhance the country\u2019s prospects for sustainable and inclusive growth. To further support achievement of the operation\u2019s development objectives, the Asian Infrastructure Investment Bank is considering parallel financing for the operation of the same amount using the same package of policy reforms agreed with the World Bank.<\/p>\n

Egypt\u2019s first wave of macro-economic reforms stabilized the economy and allowed the country to enter the global COVID-19 crisis with greater resilience and improved fiscal and external accounts. The newly approved \u201cEgypt Inclusive Growth for Sustainable Recovery<\/a>\u201d operation builds on this by supporting a second wave of structural reforms focused on creating jobs and providing an inclusive enabling environment for the private sector laying the basis for a sustainable recovery.<\/p>\n

Egypt has remained one of the few countries that has maintained positive growth during the crisis. The reform program implemented since 2015, as well as the quick action on fiscal and monetary measures to ease the effect of the pandemic on firms and households have supported Egypt\u2019s economy during the crisis. Significant steps have also been undertaken to address Egypt\u2019s long-term structural challenges that are helping with the pandemic recovery.<\/p>\n

\u201cStructural reform policies are integral to Egypt\u2019s efforts to accomplish a sustainable and resilient economic recovery that enables the economy to weather future shocks,\u201d said Dr. Rania Al-Mashat, Egypt\u2019s Minister of International Cooperation. \u201cThis operation will support our efforts to maintain the reform momentum and achieve the milestones necessary for inclusive growth.\u201d she added.<\/p>\n

The program strategically addresses some of the long-term structural issues impacting growth through its focus on three thematic pillars: enhancing macro-fiscal sustainability, enabling private sector development, and fostering women\u2019s economic inclusion.<\/p>\n

The first pillar on Enhancing Macro-Fiscal Sustainability, supports improving the management of State-Owned Enterprises through enhanced transparency and reporting. It also enhances debt transparency and debt management by introducing the regular publishing of a wider range of domestic and external debt data. This pillar also promotes and empowers a greener and more sustainable economic recovery through the issuance of green bonds.<\/p>\n

The second pillar on Enabling Private Sector Development builds on the first wave of reforms and supports digital and financial inclusion, the streamlining and automation of trade facilitation, and a modernization of bankruptcy processes that aim to improve Egypt\u2019s competitiveness and private sector job creation. The pillar also strengthens the regulatory framework for private sector participation in waste management, which provides a basis for greener and more inclusive development in the sector.<\/p>\n

The third pillar on Fostering Women Economic Inclusion, focuses on legislative and regulatory reforms that promote female participation in the labor force and supports Government efforts to address gender-based violence. It includes steps to remove restrictions on women participation in sectors and limitations on working hours and supports the Government adoption of a national code of conduct that promotes safe and decent transportation for women in railways.<\/p>\n

Through a Country Platform Approach, the Ministry of International Cooperation has organized key stakeholder engagements to ensure that the DPF program supports and strengthens the reforms taken by the Government. The program\u2019s design benefited from a collaborative process that had input from key stakeholders, including development partners, civil society, women and the private sector.<\/p>\n

\u201cThrough this operation and many more, we are proud to support Egypt\u2019s endeavors to build back better,\u201d said Marina Wes, World Bank Country Director for Egypt, Yemen and Djibouti. \u201cOne of the key objectives of this operation is making Egypt\u2019s growth more inclusive and more resilient to future shocks, by addressing long term structural challenges and recognizing the pivotal role of women in the country\u2019s economic growth.\u201d she added.<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

The World Bank approved allocating a $360 million Development Policy Financing (DPF) loan to support Egypt\u2019s post-pandemic recovery and enhance the country\u2019s prospects for sustainable and inclusive growth. To further support achievement of the operation\u2019s development objectives, the Asian Infrastructure Investment Bank is considering parallel financing for the operation of the same amount using the […]<\/p>\n","protected":false},"author":410,"featured_media":71900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6038,6262,984],"tags":[],"yoast_head":"\nWorld Bank to extend $360 m loan to back Egypt\u2019s post-pandemic recovery - Csr Egypt<\/title>\n<meta name=\"description\" content=\"The World Bank approved allocating a $360 million loan to support Egypt\u2019s post-pandemic recovery and enhanc sustainable growth\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/world-bank-to-extend-360-m-loan-to-back-egypts-post-pandemic-recovery\/\" \/>\n<meta property=\"og:locale\" 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