Egypt

          Inclusive Growth for Sustainable Recovery Development Policy Financing

                                             Chair Summary*

                                            October 26, 2021


The Executive Directors approved the Inclusive Growth for Sustainable Recovery Development Policy
Financing for Egypt in the amount of US$360 million on the terms and conditions set out in the President’s
Memorandum.

Directors welcomed the focus on enhancing macro-fiscal sustainability, enabling private sector
development, and fostering women’s economic inclusion to help the Egyptian authorities in the
restructuring and recovery phases of the COVID-19 pandemic while addressing some of the long-term
structural challenges impacting Egypt’s growth model.

Directors appreciated that the focus of the operation builds on reforms supported by the previous operations
to lay the basis for a green and climate-friendly recovery. They particularly welcomed that the new
operation is the first in MENA to include a gender-focused pillar dedicated to the advancement of the socio-
economic conditions of women.

Directors noted Egypt’s ambitious reform program that allowed the country to weather the COVID-19
pandemic relatively well and to maintain positive annual growth during the crisis. Directors encouraged the
authorities to keep up the pace of reforms on revisiting the role of the state as an enabler of private sector
development, strengthening the governance framework for SOEs, and enhancing inclusion and reducing
gender and geographical inequalities. They also stressed the need to maintain a commitment to debt
management reforms and the implementation of solid waste management.

Directors appreciated the efforts of the World Bank Group in responding swiftly to client needs and
encouraged closer collaboration between the Bank, the AIIB, and the IMF, as well as other development
partners. They also appreciated that the World Bank Group’s engagement with Egypt extends to the
medium term, including by providing implementation support through analytical and technical assistance
to the reforms beyond the timeframe of the standalone operation.




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*This Summary is not an approved record.