World Bank Approves $50 Mln for Egypt to Tackle Pandemic

Taarek Refaat

The World Bank Group agreed to provide Egypt with $50 million as an emergency response within the framework of the “Rapid Financing Package” to confront the Corona pandemic (COVID-19).

The package is aimed at helping to strengthen the response efforts and shorten the time required for an economic recovery, amounting to $6 billion, representing an immediate support to help the member states of the bank to adapt to the economic impacts of coronavirus outbreak.

Egypt will receive the $50 million fund, which is the maximum available amount under the “Rapid Financing Package”, based on population. Countries with a population of 20 million citizens receive $20 million, and countries with 50 million citizens receive $35 million, while countries with a population of 250 million get $100 million, and countries with one billion People receive over $250 million.

The new package aims to strengthen preventive measures, detect infections and respond to the epidemic in Egypt, and will focus on areas of immediate and vital support identified by the national plan to counter the novel virus launched by the government.

It will also contribute to financing the purchase and distribution of medical equipment, supplies needed to counter the virus, training of medical personnel, quarantine, and specially designed treatment centers, mobilizing rapid response teams to track contact with cases, as well as developing content delivery platforms and tools to improve public awareness of the pandemic, protecting more families affected by the negative economic impact of the virus.

In a related context, Rania Al-Mashat, Minister of International Cooperation, expressed appreciation for the efforts made by the World Bank Group in these unprecedented circumstances, noting that this project will contribute to enhancing preparedness and improve the governance of the health care system in Egypt, stressing that coordination of efforts aims to increase spending on health care and prepare for the economic recovery.

Al-Mashat noted that this project comes within the "platform" set up by the Ministry of International Cooperation with development partners and international financial institutions last month to respond to the spread of the coronavirus, and to develop an action plan through an organized effort in line with the national priorities of the Egyptian government.

On her part, Marina Wes, the Regional Director for Egypt, Yemen and Djibouti at the World Bank, said that the Bank is quick to mobilize efforts to help strengthen Egypt's response to tackle the corona pandemic and its health care systems, and that this stage aims to protect the neediest families, and to help Egypt implement emergency health operations and strengthen its economic resilience.

It is noteworthy that the World Bank financed the new comprehensive health insurance system with $ 400 million, as this project aims to increase the coverage of the health system to include those who are unable to pay.

The project will contribute to sustainable development, reduce inequalities, the eradication of poverty, better healthcare and education as well as gender equality.

Also, the World Bank announced last March an additional financing for Egypt in the amount of $ 500 million to support the ongoing efforts to facilitate access to affordable housing units for low-income families, enhance the capacity of the Social Housing Fund, and support real estate financing.