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World Bank Aggrees $7 Bln Framework with Egypt


People buy traditional lanterns in Sayyeda Zeinab market in preparation ahead of the upcoming Muslim fasting month of Ramadan, in Cairo, Egypt, Tuesday, March 21, 2023. (AP)

The World Bank approved a new country partnership framework (CPF) for Egypt for the financial years 2023-2027 providing the country with $7 billion in funds, the lender said on Wednesday.

The CPF will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion during the entire CPF period from the International Finance Corporation (IFC), the statement said, adding that the program was meant to support Egypt’s efforts in green and inclusive development.