The World Bank (WB) announced a new programme with $1bn to support the second generation of Egypt’s reform programme, which will focus on developing the private sector while enabling inclusive growth. The ‘Private Sector Development for Inclusive Growth’ development policy financing (DPF) programme will help finance the government’s own economic development programme: ‘Egypt Takes Off.’The programme is designed to support three of the government’s key objectives: job creation; improving government performance, and raising living standards, noted the statement. The new DPF will build upon the results of a multi-year bank development policy financing programme which ended in 2017. New industrial licensing and investment laws have created a more hospitable environment for private investment, establishing a momentum that the new project aims to maintain and expand on. The World Bank currently has a portfolio of 16 projects in Egypt with a total commitment of $6.69 bn.

Source: Daily News Egypt December 06, 2018 01:18 UTC