On Monday, the World Bank disclosed a $700 million budget support initiative for Egypt, forming part of a larger 3-year, $6 billion program committed earlier this year.
This financial aid comes amidst a surge of foreign financing aimed at bolstering the North African nation’s economy, burdened by significant debt.
According to the World Bank’s statement, the $700 million allocation aims to enhance Egypt’s private sector engagement, fortify macroeconomic and fiscal resilience, and promote a more sustainable growth path.