The World Bank has approved a $700 million Development Policy Financing (DPF) to support Egypt's economic reforms and green transition. The initiative, called the 'Generating Resilience, Opportunities, And Welfare for a Thriving Egypt' DPF, aims to promote private sector engagement, fiscal stability, and environmental sustainability. This financing is part of the World Bank Group's $6 billion program of support for Egypt over three years, which aims to spur private sector growth, enhance human capital outcomes, foster climate resilience, and strengthen economic management. The DPF is the first phase of a three-part program that focuses on governance improvements, competition policies, and domestic revenue collection mechanisms. It also aims to scale up renewable energy initiatives and improve efficiency in sectors such as electricity, water, and sanitation. The DPF aligns with Egypt's national strategies, including Vision 2030 and the National Climate Change Strategy 2050 [fd271976] [7f1b91d0].
In another development, Peru's government will receive a credit of up to 300 million euros from German bank KfW Development Bank for a digital transformation program. The credit is for 15 years and will be charged a 6-month Euribor rate, plus a fixed margin. Peru's economy grew between 4.5% and 5% year-on-year in May. The details of the digital transformation program were not disclosed [69640c97].