31 Oct 2021
The World Bank decided to support Egypt’s recovery from the pandemic by providing a loan of USD360mn. The funding aims to contribute to Egypt’s drive towards inclusive and sustainable growth.
The Bank cited the stabilization effect that Egypt’s first phase of economic reforms had on the economy, giving it the necessary resilience and solid finances that allowed it to weather the Covid pandemic’s negative effects on economies worldwide. The Bank is hopeful that the second phase of reforms will create more jobs and furnish the right environment for the private sector to lead the country’s sustainable recovery and growth. The reforms also address the long-term structural challenges that have held back the Egyptian economy in the past, including the sustainability of the state’s finances, private sector development, and enhancing the economic inclusion of women.
Furthermore, the Bank also noted the fact that Egypt was one of the few countries worldwide that has managed to produce positive economic growth during the pandemic. This was due to the reforms as well as swift and targeted fiscal and monetary policy responses.
(Source: World Bank (Egypt), Reuters (English), Mubasher (English), Zawya (English), al-Ahram (English) (Arabic), Egypt Today (English), Egyptian Gazette (English), al-Sharq al-Awsat (English) (Arabic), al-Maal, Economy Plus Me, al-Masry al-Youm, Akhbar al-Youm, al-Sharq Business, MSN, al-Arabiya, Sky News Arabia, Sputnik, RT)