Upper Egypt Local Development PforR (WB-P157395)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
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.
Voting Date
Sep 29, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Republic of Egypt
The holder of the loan, grant, or other investment.
Sectors
  • Technical Cooperation
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)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Oct 12, 2017

Disclosed by Bank Jan 29, 2016


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Project Description
The development objective of the Local Development Program-for-Results Project for Egypt is to improve the business environment for private sector development and strengthen local government capacity for quality infrastructure and service delivery in select governorates in Upper Egypt. The lack of opportunities for sustainable jobs and growth continue to be significant challenges for the Arab Republic of Egypt. These challenges strongly manifest themselves in Upper Egypt, a grouping of tengovernorates that lag significantly behind the rest of the country in economic growth,employment generation, connectivity, and access to services. Three key constraints, in particular, contribute to weak economic activity in Upper Egypt and relatively low level of private investment: (a) limited empowerment, effectiveness,and accountability of subnational governorates; (b) continuing low levels of access and quality ofinfrastructure and services for both citizens and businesses; and (c) weak investment climate andthe weakness of economic factors supporting value chain development. The first critical constraint to private-sector-led economic growth in Upper Egypt islimited empowerment, accountability, and effectiveness at the governorate and district level. The second constraint is a relatively low level of access and poor quality ofinfrastructure and services for residents as well as firms. The third key constraint to private-sector-led growth in Upper Egypt is the weakinvestment and business climate, with business owners citing obstacles and delays in obtaining licenses, permits, and serviced land. The Government of Eqypt (GOE) has recognized the need for a differentiated strategy for lagging regions and views an integrated approach to private-sector-driven local development as the bestway to reduce poverty in lagging regions like Upper Egypt.
Investment Description
  • World Bank (WB)
Contact Information
Project Contacts World Bank Group Contact: Mehmet Onur Ozlu Title: Senior Economist Tel: 202 458 8728 Email: oozlu@worldbank.org Contact: Sherif Bahig Hamdy Title: Senior Operations Email: SHamdy@ifc.org Borrower/Client/Recipient Contact: Government of Egypt - Mr. Hisham El Halbawy Title: Ministry of Local Development (MOLD) Contact: Ministry of Trade and Industry - Mr. Ahmed Taha Title: Chief Executive Officer, IMC Accountability Mechanism of the World Bank The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.