WASHINGTON (AFP) – The World Bank is planning to give Egypt more than USD6 billion in financial assistance over the next three years to help it meet its development priorities, the Washington-based lender announced on Monday.
“Over the coming three years, the World Bank Group intends to provide more than USD6 billion of support to Egypt,” the development lender said in a statement.
This includes “USD3 billion for financial support to Government’s programmes and USD3 billion for the private sector (including mobilisation) – subject to Board approval,” it added.
Egypt, the Arab world’s most populous nation, is in dire need of financial help as it weathers a severe economic crisis marked by rapid inflation.
Its economy, which is dominated by military-linked enterprises, has been hit hard by a series of economic shocks, including the recent Houthi attacks on shipping in the Red Sea that have slashed Suez Canal revenues for Egypt and deprived it of a key source of foreign currency.
The World Bank Group is comprised of five separate agencies which deal with a range of issues including concessional lending, investment, and insurance. Its current portfolio with Egypt is worth more than USD8 billion.
Its announcement on Monday follows a flurry of recent support pledged by allies including the United Arab Emirates, and also by the International Monetary Fund (IMF), the World Bank’s sister organisation in Washington.
