Egypt Signs $1B World Bank Deal for Second Phase of Reforms

Egypt signed a $1 billion World Bank financing agreement for the second phase of a three-part program supporting the country’s economic reform agenda. The funding is intended to boost private-sector investment and job creation through reforms to state-owned enterprises, competition rules and barriers to business growth, while improving revenue collection, public financial management and the cost of government borrowing. The program also includes social and environmental measures, such as expanding the Takaful and Karama safety net, improving emissions monitoring, developing carbon-credit markets and strengthening the financial sustainability of the electricity and water sectors. Egyptian officials said the reforms are intended to improve economic resilience and competitiveness while advancing a greener economy.