Egypt and The World Bank
The Arab Republic of Egypt was an early entrant to the World Bank as they joined the International Bank for Reconstruction and Development ( IBRD ) December 27th 1947, the International Development Association ( IDA ) October 26th 1960, the International Finance Corporation ( IFC ) July 20 1956, the Multilateral Investment Guarantee Agency ( MIGA ) April 12th 1988, International Center for Settlements of Investment Disputes ( ICSID ) June 2 1972.[1]. Each of these branches works in their own methods to contribute to The World Bank's mission to eliminate extreme poverty and expand prosperity by means of investment, recipient friendly loans, and knowledge sharing [2]. Specifically for Egypt, The World Bank has focused on "i) improving governance, ii) improving opportunities for private sector job creation, and iii) social inclusion" [3]. The work currently being done in Egypt via The World Bank is all tied to the greater plan for the region of the Middle East and North Africa which is, "addressing regional disparities through the Bank’s interventions in Egypt’s lagging regions, strengthening the country’s social safety net system, improving accessibility to low-income housing, expanding access to water and sanitation services (especially in rural areas) and household natural gas, while moving rigorously on the implementation of the education and health reform programs" [3]. There are sixteen current World Bank funded projects going on in Egypt currently with the total commitment being $6.69Billion USD [4].
Current Projects[edit]
As a project under the IBRD, the Additional Financing for the Strengthening Social Safety Net Project for Egypt is a $500Million USD project to expand and ensure the quality of a pair of cash transfer programs in the country. It was approved by the board July 2nd 2019 and signed September 11th 2019. So far it has reached about ten million people in the country [5]. The Sustainable Rural Sanitation Services Program for Results is a $550Million USD IBRD project with the goals to create institutions benefiting sanitation services in two of the country's rural regions. The project was approved July 28th 2015, was intended to bring services to 1,727,000 people, and has reached 30,000 people so far [6]. The largest World Bank project in Egypt in recency has been the $1billion USD commitment for the Private Sector Development for Inclusive Growth Development Policy Financing project. This program's three pillars are to increase financial access and inclusion, increase private sector development, and to strengthen fiscal management. This program is being financed by the IBRD and was signed December 4th 2018 [7]
References[edit]
- ↑ "Member Countries". World Bank.
- ↑ "What We Do". World Bank.
- ↑ 3.0 3.1 "Overview". World Bank.
- ↑ "World Bank and Egypt Sign US$1 Billion Program Aimed at Creating More and Better Opportunities for Egyptians". World Bank.
- ↑ "Strengthening Social Safety Net Additional Financing". World Bank.
- ↑ "Sustainable Rural Sanitation Services Program for Results". World Bank.
- ↑ "Private Sector Development for Inclusive Growth DPF". World Bank.
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