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World Bank approves $500m to expand social security in Egypt

REUTERS/Yuri Gripas
The package includes a flexible exchange rate regime

The World Bank’s executive board has approved $500 million in development financing for Egypt to expand its social safety net and protection programme in the face of global economic pressures filtering through to the country’s economy, the international cooperation minister said on Friday.

The funds will support the government’s Takaful and Karama conditional and unconditional cash transfer programme, first launched in 2015, which targets low-income Egyptians eligible for government support.

The network has already received $900 million in funds since its launch in 2015 and helps around 12.8 million people in the Arab world’s most populous country.

Last week, the International Monetary Fund (IMF) executive board has approved a 46-month $3 billion financial support package for Egypt, saying it will catalyse additional funding of about $14 billion.

The package, extended fund facility, includes a flexible exchange rate regime and enhanced social safety nets to protect the vulnerable, the fund said in a statement.