The Arab Republic of Egypt is one of the founding countries of the World Bank, and the third largest shareholder in the Middle East and North Africa region. The World Bank is one of Egypt's most important development partners, as it began supporting the development program in 1959. Since then, the World Bank has financed 175 projects, with a total of nearly $26 billion in many important sectors, including infrastructure, human capital, and public sector reforms. Providing services and developing the private sector, these projects work to build institutions and achieve economic reforms and sustainable development to ensure that future generations have the necessary tools for success and improve the quality of life for Egyptians.
Cooperation between the Arab Republic of Egypt and the World Bank is not limited to financing development. Rather, issuing diagnostic and analytical reports is one of the most prominent areas of cooperation between Egypt and the World Bank in order to develop clear visions for the economy and analyze the current situation. During the past year, the Climate and Development Report (CCDR) was launched, which specifies the procedures At the level of policies and investment opportunities that, if implemented within 5 years, could lead to increasing the efficiency of use and allocation of natural resources, reducing the effects of climate change on citizens, companies, and business institutions, and enhancing Egypt’s ability to compete in global markets.
In line with the state’s vision and efforts to empower the private sector and expand the base of its participation in achieving development, work is being done with the institutions affiliated with the World Bank Group, namely the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), to enhance investments for the private sector in various priority development areas and enhance Green finance.
On March 21, 2023, the Board of Executive Directors of the World Bank Group approved a new Strategic Partnership Framework for Egypt for the fiscal years 2023-2027, consistent with the Egyptian Government’s Sustainable Development Strategy, “Egypt Vision 2030,” and the National Climate Change Strategy 2050. On May 8, it was launched The strategy was officially launched to begin a new chapter in our partnership for cooperation on various issues and areas of development to promote a comprehensive and sustainable future for the next five years.
Through the new strategic partnership framework, Egypt, in cooperation with the World Bank, is working to advance its national priorities and mobilize resources, technical expertise, and knowledge to implement targeted initiatives that will enhance infrastructure, education, health care, and job opportunities. This multilateral approach is effective in promoting comprehensive and equitable development, leading to social and economic development in Egypt and improving the quality of life for its citizens.
With a focus on citizens, the new Strategic Partnership Framework for 2023-2027 is a strategic document that outlines the World Bank Group’s support for Egypt’s development priorities over the next five years. The Strategic Partnership Framework focuses on three main areas:
(First) Increasing decent job opportunities in the private sector by creating and supporting an enabling environment for sector-led investments, which reflects positively on the availability of appropriate and sustainable opportunities for a competitive and empowered workforce capable of adapting to the requirements of the Fourth Industrial Revolution.
(Second) Enhancing investment in human capabilities and improving human capital outcomes in all governorates by supporting and providing distinguished services without discrimination in different sectors, such as health, education, transportation, and housing, in addition to providing effective, comprehensive, and equitable social protection programs.
(Third) Strengthening resilience to shocks by improving macroeconomic management and enhancing capabilities to adapt to climate change, explaining that the framework includes two interconnected pillars to support those goals, namely empowering women and girls and enhancing participatory governance and transparency.