Egypt - World Bank approves $500m for the social safety net
Saturday, 07 06 2019, Category: Economy, Country: Egypt
The World Bank approved new funding of $500 million for three years to help Egypt strengthen the country's social safety nets, the Ministry of Investment and International Cooperation said Wednesday.
The new financing is aimed to support the expansion of the “Takaful and Karama” cash transfer programme, which was launched in 2015, for an additional three years, the ministry said in a statement on its official website.
"As Egypt implements the second phase of the economic reformme programme, we remain committed to providing sustainable income-generating opportunities," Minister of Investment and International Cooperation Sahar Nasr said, according to the statement.
"This partnership with the World Bank builds on the success of the Takaful and Karama programme and the World Bank's support for our goal to achieve sustainable growth for all Egyptians,” Minister Nasr added.
Meanwhile, according to the statement, Marina Wes, World Bank country Director for Egypt, Yemen and Djibouti said the bank, through this program, continues to support Egypt's efforts to develop human resources and create jobs, which she said are essential for the success of the country's reform programmes.
Wes added that promoting sustainable and comprehensive growth requires effective support to escape from the cycle of poverty, according to the statement.
Source: Ahram Online