Egypt: Inclusive Growth for Sustainable Recovery DPF Program (AIIB-000487)

Countries
  • Egypt
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 11, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Egypt
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 360.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 360.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 720.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ AIIB website

Updated in EWS Jun 22, 2023

Disclosed by Bank May 19, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank-provided information, the Program's objective is to support inclusive growth for a sustainable recovery by: (a) enhancing macro-fiscal sustainability, (b) enabling private sector development and (c) fostering gender inclusion.

The Program is proposed to be supported under the COVID-19 Crisis Recovery Facility (the Facility) of the Bank and co-financed with the World Bank (WB) under the WB's Policy on Development Policy Financing (DPF).

The Program will support the efforts of the Government of Egypt in continuing its policy reforms and mitigate the socioeconomic challenges of the crisis for sustainable recovery through and beyond the COVID-19 pandemic. To achieve inclusive growth for sustainable recovery, the reforms are organized around three policy pillars: (1) enhancing macro-fiscal sustainability, (2) enabling private sector development and participation, and (3) fostering gender inclusion. The reforms under the Program will not only address long standing structural issues but also help in economic resilience, inclusive growth, social protection and sustainable recovery to prevent long-term damage to the productive capacity of the economy. The Program addresses both the 'restructuring stage' focusing on, among others, the recapitalization of firms and financial institutions, and the 'resilient recovery' stage which entails taking advantage of new opportunities to build a more sustainable, inclusive and resilient future in a world transformed by the COVID-19 pandemic. Improved debt management and sustainability, private sector development, as well as higher female labor force participation will enhance the recovery of the Egyptian economy over the medium term.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

PROJECT TEAM LEADER:
Asian Infrastructure Investment Bank
Guoping Zhang
Senior Investment Officer
guoping.zhang@aiib.org 

World Bank:
Mark Eugene Ahern
Lead Country Economist
mahern@worldbank.org 

IMPLEMENTING ENTITY:
Sherine Taha
Assistant Minister for Cooperation with International Institutions and Economic Research
Ministry of International Cooperation
shtaha@miic.gov.eg 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html 

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html 

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html 

How it works

How it works