Egypt has signed a $1 billion financing agreement with the World Bank to implement the second phase of its Development Policy Financing (DPF) program, aimed at supporting structural reforms, strengthening economic resilience and improving the country's business environment, Qazinform News Agency cites WAM.
The agreement was signed by Egyptian Foreign Minister Badr Abdelatty, who also serves as Egypt's governor at the World Bank, and Alwaleed Alatabani, the World Bank's Division Director for Egypt. Titled “Building Resilience, Creating Opportunities and Enhancing Wealth for Egypt's Prosperity and Stability,” the program seeks to enhance the competitiveness of the Egyptian economy, strengthen its capacity to withstand external economic shocks and accelerate the country's transition towards a green economy.
The second phase focuses on a range of structural reforms, particularly those related to the governance of state-owned enterprises. Key priorities include removing barriers to private-sector investment and business growth, promoting fair competition, improving domestic revenue mobilization and reducing government borrowing costs.
The financing agreement forms part of the Egyptian government's broader efforts to secure development funding from international and regional financial institutions to support economic stability and resilience. It is also intended to advance Egypt's economic competitiveness, encourage sustainable and green development, and establish a more favorable investment climate capable of attracting private-sector investment and generating employment opportunities.
Earlier, Qazinform reported Kazakhstan and Egypt explored prospects for expanding bilateral ties.