Back to the complete issue
Monday, 18 May 2020

World Bank approves USD 50 mn facility for Egypt’s covid-19 emergency response

The World Bank approved yesterday a USD 50 mn fast-track facility to bolster Egypt’s covid-19 emergency response capabilities, according to a statement. The facility will focus on improving Egypt’s medical infrastructure through the distribution of essential medical supplies, supporting quarantine and treatment facilities, and ramping up contact tracing capabilities through improving first responder preparedness. A portion of the funds will also be earmarked for public awareness campaigns addressing personal hygiene and social distancing. The bank granted Egypt last month a separate USD 400 mn loan for universal healthcare.

IBRD, IDA are responsible for providing the global support mechanism: The rapid financing facility comes as part of the USD 6 bn International Bank for Reconstruction and Development (IBRD) and the International Development Association’s (IDA) Global Fast Track Facility which aims to assist vulnerable populations through economic and medical support. Funds allocated by the international lenders are based on population size. Egypt qualified for the maximum receivable amount under the facility for a population of 100 mn.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.