The World Bank's decision to extend the partnership framework with Egypt until 2021 will focus on increasing employment opportunities in cooperation with the private sector

Cairo – Eco – Fady Labib : Dr. Sahar Nasr, Minister of Investment and International cooperation, confirmed that the World Bank Group's decision on Wednesday May 1, 2019, to extend the Country Partnership Framework (CPF) with Egypt for the period from 2015 to 2019 for another two years, ending in 2021 will focus on increasing employment opportunities for youth and women in cooperation with the private sector ...

which contributes to improving the standard of living of citizens, in addition to increasing investment in the human element, especially in the areas of health and education, which is a priority for President Abdel Fattah Al-Sisi, in addition to supporting the transformation of Egypt into a digital economy.

The Board of Executive Directors of the World Bank Group conducted a formal review of the results of the current framework in the so-called performance and Learning review, where the extension aims to maintain the momentum of reforms to ensure continued progress towards inclusive growth, job creation and better opportunities for all citizens.

The Bank praised the Egyptian government's reform efforts supported by the partnership framework for economic stabilization and growth recovery.

Ms. Marina Wes, Country Director for Egypt, Yemen, and Djibouti at the World Bank stated that expanding the partnership framework with Egypt will allow us to continue to support the ongoing reform efforts implemented by the Government and aimed ultimately at improving the lives of Egyptians. The operations to be carried out during this extension will include reforming the health and education sectors, strengthening social safety nets and social inclusion, job creation, and private sector growth, and transforming Egypt into a digital economy. The objectives of these interventionist measures are to improve productivity and encourage innovation and competition, thus contributing to the development of the country's economic and human capital.

The bank mentioned that about 77% of the partnership framework's objectives were achieved or are in the process of being achieved by the end of the partnership framework. As a result of the strength of macroeconomic management, the business environment has become more favorable for the private sector. Furthermore, the major reforms undertaken by the Government have allowed for the launch of new social programs targeting the poor and the most needy citizens. Important legislation has been enacted to support the environment conducive to business activities, and the mechanization of government operations has reduced bureaucratic obstacles to doing business.

The bank explained that the extension of the partnership framework to 2021 of the World Bank Group would allow for a deepening of support in areas that record tangible achievements, and the group will increase its focus on human capital development, and this is through encouraging accelerating the implementation in education and health sector reform projects, with supporting Egypt's transition to digital economy and e-government services.

The Bank assured that the World Bank Group will continue to support the Government's efforts to strengthen the country's social safety net and provide more support to enable private sector-driven growth by addressing sectoral reforms and local economic development in the less growing regions.