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World Bank announces $500m to expand, improve Egypt’s social safety nets - Daily News Egypt

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World Bank announces $500m to expand, improve Egypt’s social safety nets

Funds reassure World Bank’s commitment to promoting human capital development


The World Bank (WB) announced an additional financing of $500m to support ongoing efforts to expand and improve Egypt’s social safety nets, to ensure they are reaching the most vulnerable households while also building sustainable paths out of poverty, a statement from the organisation said.

The additional financing will extend by three years the parent, Strengthening Social Safety Nets Project, to build on its achievements and expand its scope. Also known as Takaful and Karama(Solidarity and Dignity), the project’s current coverage stands at approximately 2m households, which is about 9 million people.

The project has reached vulnerable households in all of Egypt’s 27 governorates, with women representing 88% of total beneficiaries to date. 

“As Egypt proceeds with the second wave of its economic reform programme, we are continuing our commitment to ensuring the wellbeing of all Egyptians. We are also dedicating our efforts to providing Egyptians with sustainable income opportunities,” said Egypt’s Minister Of Investment And International Cooperation, Sahar Nasr, who also represents Egypt in the WB’s board of governors.

“This partnership with the WB builds on the Takaful and Karama’s success story and is supporting us to achieve our goal of sustainable growth that includes all Egyptians,” Nasr added.

The expanded project will combine boosting the reach and efficiency of the Takaful and Karama, with the piloting of economic inclusion models that provide job training for members of poorer households and links to economic opportunities. The economic inclusion pilots will have a special focus on women and youth. 

“This project aims to create opportunities for social safety net beneficiaries to climb out of poverty, and accordingly contribute to the inclusive development of Egypt,” said Egypt’s Minister Of Social Solidarity, Ghada Waly, whose ministry will be implementing the expanded project.

“Our people are our most precious asset, and our partnership with the WB is helping us establish the systems that will enable Egyptians to build their human capital and lead prosperous and productive lives,” Waly added.

“Through this project, we are continuing our commitment to Egypt’s human capital development and job creation efforts, which are crucial for the success of its reform programme,” said WB Country Director for Egypt, Yemen, and Djibouti, Marina Wes.

“Promoting sustainable and inclusive growth requires pro-active support to move out of poverty,” Wes added.

The expanded project supports the WB’s commitment to promoting human capital development through well-targeted and efficient social safety nets.

The project is also aligned with the WB Group’s Country Partnership Framework for Egypt and the expanded regional strategy for the Middle East and North Africa by promoting sustainable and inclusive growth through skills development and promoting livelihood opportunities for women and youth.

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https://wwww.dailynewssegypt.com/2019/07/04/world-bank-announces-500m-to-expand-improve-egypts-social-safety-nets/
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