Mashat: WB ‘s executive board approves $500 mln in development financing to support social safety efforts for lower-income brackets


Minister of International Cooperation Rania el-Mashat said the World Bank’s executive board has approved a new $500 million in development financing for Egypt to expand its social safety net and protection program, through the social safety net project Takful and Karama, as part of the State’s efforts to support lower-income brackets to face up to global economic pressures and lessen their impact on citizens.


The minister of international cooperation said Friday, the funds will support the government’s Takaful and Karama that targets lower-income categories eligible for government support.


The State has taken on its shoulder intensifying cooperation with multi-lateral, as well as bilateral development partners, with a view to expanding social safety net and protection programs, in the wake of the Russian-Ukrainian conflict to reinforce the State’s support to the economy’s resilience, according to the minister.


All State’s drives run in parallel with efforts meant to up investments, provide technical support and bolster purchasing transaction via the effective cash transfer program Cashplus, Mashat said.


She also referred to the economic inclusion program FORSA, that helped introduce livehood opportunities, through wage employment and providing assets that enable beneficiaries to generate sustainable income.


Source: State Information Service Egypt