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.
The World Bank's Board of Executive Directors has also approved a $500 million loan to help Peru strengthen fiscal management and promote actions towards OECD accession. The loan aims to close the productivity gap in Peru, improve fiscal policy transparency, reduce spatial disparities, and generate formal, better-paying jobs. It also focuses on climate change adaptation, deforestation-free production practices, and resilience to extreme climate events. The program supports Peru's innovation system, competition framework, and digital transformation. The loan is a decisive step for Peru in its commitment to OECD accession and inclusive economic development.
Additionally, the European Bank for Reconstruction and Development (EBRD) has signaled investor confidence in Turkey's economic revival. The bank has announced its plans to invest in Turkey's energy, infrastructure, and manufacturing sectors. The EBRD's investment aims to support Turkey's economic recovery and promote sustainable growth. This investment comes as a positive signal for Turkey's economy and demonstrates investor confidence in the country's potential for economic revival.
Overall, the World Bank's support for Egypt's economic reforms and green transition, the loan to Peru for a productive economy, and the EBRD's investment in Turkey's economic revival are significant steps towards promoting sustainable development, inclusive growth, and economic stability in these countries.