Doha:Cairo Minister of Foreign Affairs, International Cooperation, and Expatriates Affairs, Badr Abdelatty, who is also Egypt's Governor to the World Bank, signed a $1 billion financing agreement with the World Bank. The agreement, signed on November 1, 2026, falls under Phase II of the Development Policy Financing (DPF) program.

According to State Information Service Egypt, the financing is part of the "Building Resilience, Opportunity, and Wealth for Egypt's Prosperity and Stability" program. The signing ceremony was attended by key officials including Prime Minister Moustafa Madbouly, Minister of Planning and Economic Development Ahmed Rostom, and Vice Minister of Finance Yasser Sobhi.

During the ceremony, Foreign Minister Abdelatty highlighted that the agreement is a component of Egypt's strategy to enhance cooperation with international and regional financial bodies. He emphasized that the concessional financing aims to strengthen the Egyptian economy by increasing its resilience and competitiveness amidst prevailing economic and geopolitical challenges.

Abdelatty also noted that the agreement signifies progress in economic and institutional reforms, such as boosting private sector involvement, removing investment barriers, and improving public finance management. These reforms are intended to enhance Egypt's ability to withstand external shocks while promoting sustainable growth and transitioning to a green economy.

The World Bank Group's Board of Executive Directors had previously approved the $1 billion financing in May 2026, indicating international trust in Egypt's reform efforts. This financing is the second tranche in a series of three DPF operations by the World Bank to support Egypt's development priorities and economic reform agenda, focusing on job creation, public finance sustainability, protecting vulnerable groups, and supporting a green economy transition.