Egyptian Prime Minister Mostafa Madbouli said that the portfolio of cooperation between his country and the World Bank is close to $7 billion, based on financing of vital projects related to various aspects of development in Egypt.
Yesterday, Sunday, Madbouli held a meeting to discuss cooperation with the World Bank Group in the presence of the Governor of the Central Bank of Egypt, Hassan Abdullah, Minister for International Cooperation, Dr.
According to the statement, the Prime Minister of Egypt stressed the importance of the early completion of the development cooperation program between Egypt and the World Bank regarding development policy financing. He also praised the framework of the strategic partnership between Egypt and the World Bank and the importance it represents for job creation, human resource development and crisis resilience.
During the meeting, World Bank representatives reviewed the latest developments in cooperation programs between the World Bank Group and Egypt in various areas, including in the field of social protection, after the Board of Executive Directors of the World Bank Group recently approved new funding of $500 million to support the efforts of the country to expand social networks Security and social protection through the Takaful and Karama program.
The Regional Director of the World Bank referred to the meetings he had during his visit with the Minister of Finance and a number of officials, which he will conclude during the visit with meetings with a number of ministers and officials of the Sovereign Fund of Egypt. He also praised the approval by the Egyptian state of the state property policy document.
In this regard, Egypt is expected to receive loans worth $1.5 billion this year in accordance with an agreement signed with the International Islamic Trade Finance Corporation in the presence of the corporation’s CEO Hani Sonbol.
Sonbol said in statements that the funds provided to Egypt will be used to subsidize food products and subsidize oil products. The agreement comes at a time when the country’s overall budget is seeing an increase in spending on wheat subsidies, which has risen to £95bn in the current financial year from about £38bn, according to previous announcements. Prime Minister Dr. Mostafa Madbouli.
During 2022, the total amount of loans provided by the Islamic Trade Finance Corporation to member states amounted to about 7 billion US dollars, which was the result of a boom in prices for basic products caused by geopolitical tensions around the world. Ukrainian war.
