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World Bank approves $7bn partnership deal to support Egypt
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IANS | 23 Mar, 2023
The World Bank said it has agreed to provide Egypt a partnership
agreement worth $7 billion to support the country's reforms and
sustainable growth.
The World Bank's board of executive
directors approved Tuesday the Country Partnership Framework with Egypt
for the financial years 2023-2027, the international lender said in a
statement on Wednesday.
The package will help Egypt create "more
and better private sector jobs", build equitable health and education
services, and improve resilience to economic shocks and climate change,
Xinhua news agency reported citing the statement as saying.
It
also seeks to enhance Egypt's role in regional trade, and its
connectivity in infrastructure, transport, energy and labour, it added.
This
adds to $3 billion loan that the International Monetary Fund approved
for Egypt last December, which required the country to make a permanent
shift to a flexible exchange rate regime, reduce the state footprint in
economy and facilitate private-sector-led growth.
Egypt's economy
has been struggling to contain high inflation and shortage of foreign
currency as repercussions of the lingering Covid-19 pandemic and the
ongoing Russia-Ukraine conflict prompted capital flight from emerging
markets.
The support packages of the World Bank and the IMF are
vital to Egypt whose pound has recently lost about half of its value
following a series of local currency devaluations by the Central Bank of
Egypt that started in March last year.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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