The World Bank (WB) Group announced on April 30 a two-year extension to its 2015-2019 Country Partnership Framework (CPF) with Egypt, ending in 2021, aiming to maintain the momentum on the government’s reform efforts, which are supported under the strategy, Invest-Gate reports.
The group highlighted that the decision was made following a formal review of the current framework’s results by the group’s Board of Executive Directors, in a process known as a “Performance and Learning Review,” endeavoring to ensure continued progress toward inclusive growth, job creation, and further opportunities for all Egyptians, according to a recent official statement.
“Extending Egypt’s partnership framework will enable us to further support the government’s ongoing reform efforts which ultimately aim to improve the livelihood of Egyptians,” WB Country Director for Egypt, Yemen, and Djibouti Marina Wes was quoted as saying.
“Operations under this extension include reforming the health and education sectors, strengthening social safety nets and social inclusion, enabling job creation and private sector growth, and transitioning Egypt into a digital economy. The objectives of these interventions are to improve productivity and encourage innovation and competition, and accordingly, contribute to the country’s economic and human capital development,’’ Wes explained.
According to the statement, roughly 77% of the original CPF objectives have already been achieved or are on track to be achieved by the end of the original framework period or by year-end.
“The extension of the CPF to 2021 will allow the World Bank Group to deepen support in areas where the achievements are substantial. The WB Group will put more emphasis on human capital development by encouraging more rapid implementation of education and health reform projects, while supporting Egypt’s transition to a digital economy and e-government services,” read the statement.