The Clap
The World Bank has approved a new five-year strategy for Egypt, which includes improving the nation’s business environment & supporting green development as its goals.
What
The strategy seeks to create private-sector jobs, support health & education services & increase Egypt’s resilience to shocks through strengthened macroeconomic management.
So What
The agreement comes at a time when the EGP is under pressure, & several signs & investment banks point to further devaluation.
Now what
The agreement extends to 2027 by providing $1 billion/year, in addition to $2 billion from the International Finance Corporation (World Bank subsidiary focused on the private sector in emerging markets).
