Egypt has signed a $1 billion financing agreement with the World Bank for the second phase of its Development Policy Financing (DPF) programme, which supports structural reforms. 

The reforms aim at improving the business environment, strengthening economic resilience, and accelerating the country's green transition, an Emirates News Agency (WAM) report said.

Egyptian Foreign Minister Badr Abdelatty, also Egypt's governor at the World Bank, signed the agreement, as did Alwaleed Alatabani, the World Bank's Division Director for Egypt.

Building resilience

The programme, titled “Building Resilience, Creating Opportunities and Enhancing Wealth for Egypt's Prosperity and Stability”, is designed to support reforms that improve the competitiveness of the Egyptian economy, strengthen its ability to withstand external shocks, and advance the transition to a green economy.

The programme's second phase focuses on a package of structural reforms covering state-owned enterprise governance. These include removing obstacles to private investment and growth, strengthening fair competition, improving domestic revenue mobilisation, and reducing the government's borrowing costs.—TradeArabia News Service