New collaboration guidelines are introduced by the World Bank Group for Egypt
According to Emirates News Agency, the World Bank Group’s board of executive directors approved a new Country Partnership Framework for Egypt on Wednesday. The document outlines Egypt’s strategy for the years 2023 to 2027.
The new CPF is consistent with Egypt’s 2030 Vision, National Climate Change Policy, and Sustainable Development Strategy. It seeks to accomplish three high-level goals.
The framework’s first goal is to increase the number of employment in the private sector by creating a favorable environment for private sector-led investments and job prospects as well as by leveling the playing field for the private sector.
Second, the CPF promotes inclusive, equitable, and enhanced health and education services as well as successful social protection programs in order to increase human capital outcomes.
Thirdly, it aims to increase shock resilience by enhancing macroeconomic management and implementing adaptation and mitigation strategies for climate change.
“The National Partnership Framework between Egypt and the World Bank Group for the years 2023–2027 opens a new phase of development cooperation and collaborative action to support initiatives to achieve equitable and sustainable growth. The country’s 2030 vision, national goals, and presidential initiatives are the foundation for this,” according to Egypt’s minister of foreign cooperation, Dr. Rania Al-Mashat.
“This CPF helps Egypt’s efforts to build back better by enabling conditions for green, resilient, and inclusive development,” said Marina Wes, the World Bank’s country director for Egypt, Yemen, and Djibouti. It centers its strategy on the Egyptian people and prioritizes employment growth by enhancing the business climate and leveling the playing field.
Through enhancing regional commerce and boosting connectivity in the areas of infrastructure, transportation, energy, and labor, the CPF also seeks to increase Egypt’s position in regional integration.