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

Countries
  • Egypt
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
Proposed
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Government of Egypt
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 300.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 300.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS May 24, 2021

Disclosed by Bank May 19, 2021


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Project 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
  • Asian Infrastructure Investment Bank (AIIB)
Contact Information

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