{"id":74462,"date":"2022-01-21T11:26:57","date_gmt":"2022-01-21T09:26:57","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=74462"},"modified":"2022-01-21T11:26:57","modified_gmt":"2022-01-21T09:26:57","slug":"wb-extends-750m-loan-to-s-africa-to-accelerate-anti-covid-19-response","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/wb-extends-750m-loan-to-s-africa-to-accelerate-anti-covid-19-response\/","title":{"rendered":"WB extends $750m loan to S.Africa to accelerate anti-COVID 19 response"},"content":{"rendered":"<p dir=\"ltr\" style=\"background: white; margin: 0cm 0cm 13.4pt; text-align: left;\"><span style=\"font-size: 15.0pt; font-family: 'Arial','sans-serif'; color: #333333;\">The <a href=\"https:\/\/www.csregypt.com\/en\/world-bank-expects-egypt-to-record-2nd-highest-growth-rate-in-mideast-n-africa\/\">World Bank<\/a> approved South Africa\u2019s request for a $750 million development policy loan (DPL). This loan will support the Government of South Africa\u2019s efforts to accelerate its COVID-19 response aimed at protecting the poor and vulnerable from the adverse socio-economic impacts of the pandemic and supporting a resilient and sustainable economic recovery.\u00a0\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"background: white; box-sizing: border-box; overflow-wrap: break-word; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px; margin: 0cm 0cm 13.4pt;\"><span style=\"font-size: 15.0pt; font-family: 'Arial','sans-serif'; color: #333333;\">The DPL supports the implementation of South Africa\u2019s Economic Reconstruction and Recovery Plan (ERRP) and is well aligned with the World Bank\u2019s Crisis Response Approach aimed at protecting lives, livelihoods and supporting a more inclusive and resilient growth path. It reflects priorities to modernize the country\u2019s social protection and health services and to improve delivery systems which will apply even beyond the pandemic. It also enhances financial sector stability, specifically the establishment of a deposit insurance scheme. It further supports South Africa\u2019s commitment to climate change.\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"background: white; box-sizing: border-box; overflow-wrap: break-word; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px; margin: 0cm 0cm 13.4pt;\"><span style=\"font-size: 15.0pt; font-family: 'Arial','sans-serif'; color: #333333;\">\u201cThe World Bank budget support is coming at a critical time for us and will contribute towards addressing the financing gap stemming from additional spending in response to the COVID-19 crisis,\u201d says\u00a0Dondo Mogajane, Director General of National Treasury of South Africa. \u201cIt will assist in addressing the immediate challenge of financing critical health and social safety net programs whilst also continuing to develop our economic reform agenda to build back better.\u201d\u00a0\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"background: white; box-sizing: border-box; overflow-wrap: break-word; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px; margin: 0cm 0cm 13.4pt;\"><span style=\"font-size: 15.0pt; font-family: 'Arial','sans-serif'; color: #333333;\">The funding is a low interest loan that contributes to the government\u2019s fiscal relief package while reinforcing South Africa\u2019s decisions on how best to provide relief to the economy and those worst affected by the current crisis. The loan complements support by the International Monetary Fund, the African Development Bank, and the New Development Bank as part of the Government of South Africa\u2019s broader financing strategy to access external financing from international financial institutions.\u00a0\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"background: white; box-sizing: border-box; overflow-wrap: break-word; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; word-spacing: 0px; margin: 0cm 0cm 13.4pt;\"><span style=\"font-size: 15.0pt; font-family: 'Arial','sans-serif'; color: #333333;\">\u201cWith this DPL, we have partnered with the government to provide much needed relief from the impacts of the most serious economic crisis South Africa has experienced in the past 90 years, while tackling long-standing challenges to growth and development. This support aims to put the country on a more resilient and inclusive growth path by leveraging South Africa\u2019s strength to mitigate the effects of the COVID-19 crisis through their strong social safety net and by advancing critical economic reforms,\u201d\u202fsays\u00a0Marie Fran\u00e7oise Marie Nelly, World Bank Country Director for South Africa<i style=\"box-sizing: border-box;\">. \u201c<\/i>This financing builds on our new\u00a0<a style=\"box-sizing: border-box; cursor: pointer;\" href=\"https:\/\/documents.worldbank.org\/en\/publication\/documents-reports\/documentdetail\/139701627178427304\/south-africa-country-partnership-framework-for-the-period-fy22-fy26\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #0071bc; text-decoration: none; text-underline: none;\">World Bank Group Country Partnership Framework (CPF)<\/span><\/a>\u202f 2022 \u2013 2026, jointly developed with the government in July 2021, to help stimulate investment and job creation.\u201d\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Bank approved South Africa\u2019s request for a $750 million development policy loan (DPL). This loan will support the Government of South Africa\u2019s efforts to accelerate its COVID-19 response aimed at protecting the poor and vulnerable from the adverse socio-economic impacts of the pandemic and supporting a resilient and sustainable economic recovery.\u00a0\u00a0 The DPL [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":74465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6031,984],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WB extends $750m loan to S.Africa to accelerate anti-COVID 19 response - Csr Egypt<\/title>\n<meta name=\"description\" content=\"The World Bank approved a $750 million loan will support the Government of South Africa\u2019s efforts to accelerate its COVID-19 response\" \/>\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\/wb-extends-750m-loan-to-s-africa-to-accelerate-anti-covid-19-response\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WB extends $750m loan to S.Africa to accelerate anti-COVID 19 response - 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