EconomyLens.com
No Result
View All Result
Wednesday, July 9, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

World Bank plans $6 billion of financial support for Egypt

Andrew Murphy by Andrew Murphy
March 18, 2024
in Economy
Reading Time: 4 mins read
A A
2
19
SHARES
237
VIEWS
Share on FacebookShare on Twitter

The World Bank announced $6 billion in support for Egypt over the next three years. ©AFP

Washington (AFP) – The World Bank is planning to give Egypt more than $6 billion in financial assistance over the next three years to help it meet its development priorities, the Washington-based lender announced Monday.

Related

US senator warns of fossil fuel coup, economic reckoning

Volkswagen US deliveries fall as Trump tariffs bite

Cambodian garment workers fret Trump’s new tariff threat

China’s snaps 4-month consumer decline but factory price deflation deepens

Iraq’s Kurdistan enjoys all-day state electricity

“Over the coming three years, the World Bank Group intends to provide more than US$6 billion of support to Egypt,” the development lender said in a statement. This includes “US$3 billion for financial support to Government’s programs and US$3 billion for the private sector (including mobilization) – subject to Board approval,” it added.

Egypt, the Arab world’s most populous nation, is in dire need of financial help as it weathers a severe economic crisis marked by rapid inflation. Its economy, which is dominated by military-linked enterprises, has been hit hard by a series of economic shocks, including the recent Huthi attacks on shipping in the Red Sea that have slashed Suez Canal revenues for Egypt and deprived it of a key source of foreign currency.

The World Bank Group is comprised of five separate agencies which deal with a range of issues including concessional lending, investment, and insurance. Its current portfolio with Egypt is worth more than $8 billion. Its announcement Monday follows a flurry of recent support pledged by allies including the United Arab Emirates, and also by the International Monetary Fund, the World Bank’s sister organization in Washington. Earlier this month, the IMF agreed an expanded $8 billion loan package after Cairo implemented reforms that included moving towards a flexible exchange rate and hiking interest rates.

The World Bank’s new programs will focus on “increasing opportunities for private sector participation in the economy,” strengthening the governance of state-owned enterprises and “improving the efficiency and effectiveness of public resource management,” the development lender said in a statement.

© 2024 AFP

Tags: economic crisisfinancial assistanceWorld Bank
Share8Tweet5Share1Pin2Send
Previous Post

Switzerland, EU resume talks to ‘deepen’ ties

Next Post

Wall Street stocks rise before key rate decisions

Andrew Murphy

Andrew Murphy

Related Posts

Economy

Iraq’s Kurdistan enjoys all-day state electricity

July 9, 2025
Economy

The long slow death of Norway’s wild salmon

July 9, 2025
Economy

China’s snaps 4-month consumer decline but factory price deflation deepens

July 8, 2025
Economy

China’s ‘new farmers’ learn to livestream in rural revitalisation

July 9, 2025
Economy

Trump says to set 50% copper tariff, no extension to August deadline

July 8, 2025
Economy

Trump says ‘no extensions’ to Aug 1 tariff deadline

July 8, 2025
Next Post

Wall Street stocks rise before key rate decisions

United CEO pledges enhanced safety drive after incidents

Wall Street stocks lifted by tech rebound before key rate decisions

US Supreme Court skeptical of curbing govt contact with social media firms

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Yemen’s Huthis claim deadly Red Sea attack on merchant ship

July 9, 2025

Copper’s strategic role threatened by Trump tariffs

July 9, 2025

Trump issues more letters to countries in push for tariff deals

July 9, 2025

X chief Yaccarino steps down after two years

July 9, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.