Egypt is restructuring its social protection systems to have a greater impact on poverty, using smart cards, cash transfers, and a labor-intensive public works program. World Bank Group President Jim Yong Kim will visit Luxor in rural Upper Egypt, ..
The World Bank Group (WBG) is holding public consultations which will help develop the Country Partnership Framework (CPF) for its partnership with the Arab Republic of Egypt during the period of 2015-2019.
IFC has stepped up its commitments to the Arab World's biggest country in recent years, part of a wider effort by the World Bank Group to support Egypt during its transition and steer the country back onto the path of sustainable growth. Through a combination of investments and advisory services, IFC has focused on supporting companies with the ability to create jobs, boosting access to finance for small and medium enterprises, and demonstrating Egypt's long-term potential to investors.
IFC has also worked on promoting regulatory reforms designed to spur economic growth; and boosting the skills of young job seekers. Between FY11-14, IFC committed a total of almost $1.1 billion in 20 projects (of which $392 million is mobilization). In FY14, IFC committed $130 in 4 projects across the country.
Highlights of IFC Recent Investments in Egypt:
Invested $60 million to help complete the development of Egypt’s largest retail complex in 6th of October City, boosting urban development and creating more than 2,400 new jobs;
Provided a $35.5 million loan to Elif Plastik, Turkey’s largest supplier of flexible plastic packaging, to help the company expand into Egypt, improving local know-how, and bolstering supply chains;
Signed trade finance agreements with Ahli United Bank and Alex Bank to support cross-border trade and help Egyptian businesses access global markets. The agreements were part of IFC’s $5 billion Global Trade Finance Program, which works with more than 265 partner banks worldwide;
Committed $15 million to a private equity fund, EuroMena III, which will support smaller business in several regional countries, including Egypt.
Provided a $100 million loan and helped arranged up to $400 million in other financing for natural gas producer Petroceltic, allowing it ramp up operations in Egypt, among other countries;
Provided a $34 million loan to Transglobe Energy, helping the oil company increase exploration in Egypt and Yemen, boosting economic development and sending a positive signal to investors;
Invested $6 million in Fawry, Egypt’s leading electronic payment provider, in an effort to extend crucial financial services and encourage economic development across the country;
Provided $11 million to Nile Kordsa, helping the fabric-maker expand operations, generate jobs and improve local knowledge.
Highlights of IFC Recent Advisory Projects in Egypt:
Signed agreement with the Information Technology Industry Development Agency (ITIDA) to help enhance the skills of prospective information and communication technology (ICT) workers in Egypt, develop sector specific education and training, and improve the employability of ICT graduates.
Launched Egypt’s Sub-national Doing Business Report with the World Bank, which measures regulations that affect SMEs across 15 governorates. The report presents data on the ease of doing business in selected areas, ranks each location, and recommends reforms to improve performance at the local level in each area;
Helped Dakahlya Businessmen’s Association for Community Development (DBACD), a leading microfinance institution, develop housing finance products to improve the living conditions of poor families.
Provided advice to the government on the implementation of public-private partnerships, including the country's first public-private wastewater treatment plant in the New Cairo area, and the country's first PPP projects in the healthcare sector which will see two hospitals built in the coastal city of Alexandria;
Worked to reduce the cost of doing business by helping settle commercial disputes more quickly and easily through alternative dispute resolution, releasing trapped assets and furthering growth;
Partnered with the Egyptian Banking Institute to provide corporate governance training to the banking sector and beyond;
Trained SMEs on how to implement sound corporate governance standards to improve their performance, in cooperation with the Egyptian Junior Businessmen Association.