World Bank Agrees $7 Bln, 5-Year Partnership with Egypt

People buy traditional lanterns in Sayyeda Zeinab market in preparation ahead of the upcoming Muslim fasting month of Ramadan, in Cairo, Egypt, Tuesday, March 21, 2023. (AP)
People buy traditional lanterns in Sayyeda Zeinab market in preparation ahead of the upcoming Muslim fasting month of Ramadan, in Cairo, Egypt, Tuesday, March 21, 2023. (AP)
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World Bank Agrees $7 Bln, 5-Year Partnership with Egypt

People buy traditional lanterns in Sayyeda Zeinab market in preparation ahead of the upcoming Muslim fasting month of Ramadan, in Cairo, Egypt, Tuesday, March 21, 2023. (AP)
People buy traditional lanterns in Sayyeda Zeinab market in preparation ahead of the upcoming Muslim fasting month of Ramadan, in Cairo, Egypt, Tuesday, March 21, 2023. (AP)

The World Bank said on Wednesday it had approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change.

The Country Partnership Agreement (CPF) will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion over five years from the International Finance Corporation (IFC), a statement from the World Bank said.

Among the goals of the program is to help create a level playing field for the private sector and to encourage investment and improve resilience to shocks through better macroeconomic management, the statement added.

Egypt's economy has come under severe pressure over the past year, after the fallout from Russia's invasion of Ukraine exposed underlying problems.

The government has announced ambitious privatization plans but sales of state assets have been repeatedly delayed.

Also on Wednesday the International Finance Corporation (IFC), part of the World Bank Group, announced that it had partnered with the European Bank for Reconstruction and Development and Egypt's Sovereign Fund to develop desalination plants in Egypt through a public-private partnership model.

The scheme is part of Egypt's plan to increase desalinated water supply by 8.8 million cubic meters of water daily by 2050, with the first plants to be located in the north coast region of Marsa Matrouh, the IFC said.

Egypt depends almost entirely for fresh water supplies on the River Nile and is considered at high risk from the impacts of climate change.



Gold at Near 2-week Low after Trump Announces Israel-Iran Ceasefire

A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT
A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT
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Gold at Near 2-week Low after Trump Announces Israel-Iran Ceasefire

A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT
A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT

Gold prices fell to a near two-week low on Tuesday as risk appetite improved after US President Donald Trump said Iran and Israel had agreed to a ceasefire, denting demand for safe-haven assets.

Spot gold was down 0.9% at $3,338.39 an ounce, as of 0526 GMT, after hitting its lowest level since June 11 earlier in the session, Reuters reported.

US gold futures slipped 1.2% to $3,352.60.

"It seems like there's a good bit of geopolitical risk that's exiting the market here near term after, of course, we have signs of de-escalation between the US and Iran," said Ilya Spivak, head of global macro at Tastylive.

Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day conflict that saw millions flee Tehran and prompted fears of further escalation in the region.

There was no immediate comment from Israel. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks.

Global shares rallied, while oil prices slipped to a one-week low after Trump announced the Iran-Israel ceasefire.

Meanwhile, US Federal Reserve Vice Chair for Supervision Michelle Bowman said on Monday that the time to cut interest rates is approaching amid potential risks to the job market.

Investors await testimony by Fed Chair Jerome Powell before the House Financial Services Committee later on Tuesday. Powell has been cautious about signaling near-term easing.

"The bias for gold prices is higher, but we might see a correction in the near-term and an uptick in the dollar if Powell convinces markets that they're not going to cut more than twice this year," Spivak said.

Gold tends to thrive in a low-interest-rate environment.

Elsewhere, spot silver eased 0.1% to $36.08 per ounce, platinum fell 0.3% to $1,290.67, while palladium slipped 1.3% to $1,062.94.