Egypt gets $500m from World Bank to finance vulnerable classes support program

The World Bank has granted Egypt a new development financing of $500 million to support the “Takaful and Karama” program according to the Arab country’s Minister of International Cooperation Rania Al-Mashat.

Takaful and Karama program supports the most vulnerable classes against the implications of the global economic crises and external shocks.

The financing will support Egypt’s institutional capacities through the provision of technical support and investments for registration, control, and verification of payments and accountancy systems.

It will improve cash plus inputs and boost usage of digital technology. Equally, it will promote economic inclusion and empowerment of projects through a set of objectives including linking beneficiaries to work and employment services, offering specific skills training, and giving access to official financial services.

The new financing was agreed in 2019. Egypt launched the program in 2015 with a WB support of $440 million.