Egypt: According to the statement, Minister of International Cooperation of Government of Egypt Ms. Rania Al-Mashat stated that the World Bank had given Egypt a new $500 million to fund the “Takaful and Karama” program.

Ms. Al-Mashat remarked the program protects the most vulnerable classes from the effects of external shocks and global economic crises. The Minister pointed out that the additional funding strengthens Egypt’s institutional capacities by providing technical support and funding for investments in payment and accountancy system registration, control, and verification.

The financing also improves cash plus inputs and boosts usage of digital technology, the minister cited. Ms. Al-Mashat revealed that the new financing package by the World Bank also promotes economic inclusion and empowerment of projects through a set of objectives including linking beneficiaries to work and employment services, offering specific skills training, and giving access to official financial services.

The public and private sectors of Egypt got $11 billion in finance in 2022, up from roughly $10.2 billion in 2021, according to an Al-Mashat report on December 19.

The World Bank’s Board of Executive Directors had approved a US$500 million loan to bolster Egypt’s efforts to ensure that poor and vulnerable households have uninterrupted access to bread, to strengthen Egypt’s resilience to food crises and to support reforms in food security policies, including to improve nutritional outcomes on 29th June this year.

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