An atrium at the World Bank headquarters building in the US. Image Credit: Reuters

The World Bank announced on Monday $700 million of budget support for Egypt, part of a 3-year, $6 billion programme that the bank pledged earlier this year.

The World Bank said in a statement that the $700 million is designed to help Egypt boost private sector participation, macroeconomic and fiscal resilience, and a greener growth trajectory.

Egyptian Minister of International Cooperation and World Bank Governor, Rania Al-Mashat hailed the financing as a “significant step forward” for Egypt’s economic development, while reaffirming how the program aligns with its goals to propel the country towards building a more competitive economy.

Over the coming three years, the World Bank Group intends to provide more than $6 billion of support to Egypt, including $3 billion for financial support to government’s programs and $3 billion for the private sector (including mobilization) – subject to Board approval.

“In support of the government’s development priorities, programs will focus on increasing opportunities for private sector participation in the economy, including through the government’s ‘Asset Monetization Programme’, strengthening the governance of state-owned enterprises, and improving the efficiency and effectiveness of public resource management,” the World Bank Group flagged earlier this year, while adding that it will continue to explore opportunities for guarantees to support impactful private sector investments.