CAIRO, Nov. 1 (Xinhua) -- Egypt signed a financing agreement worth 1 billion U.S. dollars with the World Bank on Sunday under the second phase of a development policy financing program to support the country's economic reforms, the Egyptian cabinet said.
The agreement was signed by Egyptian Foreign Minister Badr Abdelatty, who also serves as Egypt's governor at the World Bank, and Alwaleed Alatabani, the bank's division director for Egypt, Yemen and Djibouti, at a ceremony attended by Egyptian Prime Minister Mostafa Madbouly in the New Administrative Capital, east of Cairo.
The program aims to enhance Egypt's economic competitiveness, improve its business environment, strengthen its resilience to external shocks and advance the green transition, according to the cabinet.
The structural reforms include improving governance of state-owned enterprises, removing barriers to private investment and growth, promoting fair competition, improving domestic revenue collection and reducing government financing costs.
These measures would "support the state's efforts to transition to a green economy and enhance its ability to address the impacts of climate change," the cabinet said.
The World Bank Group's board of directors approved the 1-billion-dollar financing in May 2026, in line with its 2023-2027 strategic partnership framework with Egypt, according to the cabinet. ■