The World Bank praises reform efforts, job creation, and financial inclusion in Egypt: Planning Ministry

In a report issued by it, the Ministry of Planning and Economic Development reviewed what the World Bank Group is currently doing in preparing a systematic diagnostic study on Egypt in preparation for setting up the strategic partnership framework for Egypt for the years 2021-2025.This study will focus on ways to create job opportunities and achieve social and economic inclusion.The World Bank added that the Egypt Partnership Framework includes three interconnected strategic focus areas consistent with the Egyptian government's longer-term development strategy, namely: improving governance and good governance systems, as well as improving job creation opportunities led by the private sector, as well as supporting social inclusion.The World Bank indicated that the current strategy focuses on mobilizing financing for development purposes and developing human capital, and the current World Bank portfolio in Egypt includes 13 projects (10 projects under the Investment Program Financing Tool, and 3 projects under the Results-Based Program Financing Tool) with links It has a total value of $ 5.84 billion.
The World Bank confirmed that the Egyptian government has achieved tangible results in all three areas of focus within the framework of the strategic partnership, pointing out that Egypt's national reform program aims to boost the economy, create jobs and achieve sustainable growth, especially in the energy sector.
The bank added that the government has supported the investment climate by introducing amendments to the investment law, implementing the competition law, and reforming the industrial licensing system, which helped reduce the time spent on licensing procedures for industries that do not represent a significant degree of risk to health, the environment, or safety or security of about 80%.
He explained that the Egyptian government is working on designing major major projects and programs and financing them using various financial tools to enhance social protection programs, supporting sustainable activities to create jobs, and improve the quality of service provision in the country.
The Local Development Program in Upper Egypt, for $ 500 million (using the Results-Based Program Funding Tool), works to improve the business environment to develop the private sector and improve the capacities of local government agencies to promote infrastructure and provide services to citizens and local companies in two of Egypt's most needy governorates, namely Qena and Sohag, which have a population of 8 million citizens.
This program supported about 4,000 companies through intervention measures that included digitization of administrative services to obtain building permits and licenses to engage in commercial activity, and this resulted in a 25% reduction in the time required to extract these licenses; Occupancy rates increased in industrial areas, reaching 23% in Qena and 5% in Sohag.
The World Bank stated that investments in infrastructure and services have brought benefits so far to about 5 million citizens, nearly half of them women. Citizens, including women and youth, participate in identifying capital investments through consultations that have taken place with about 5,000 citizens so far.