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.



China’s Car Sales Rise in May, but Price Wars Cloud Outlook

 Amukelani Masungi, a worker, cleans the floor next to BYD vehicles on display at a BYD dealership in Sandton, South Africa, June 5, 2025. (Reuters)
Amukelani Masungi, a worker, cleans the floor next to BYD vehicles on display at a BYD dealership in Sandton, South Africa, June 5, 2025. (Reuters)
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China’s Car Sales Rise in May, but Price Wars Cloud Outlook

 Amukelani Masungi, a worker, cleans the floor next to BYD vehicles on display at a BYD dealership in Sandton, South Africa, June 5, 2025. (Reuters)
Amukelani Masungi, a worker, cleans the floor next to BYD vehicles on display at a BYD dealership in Sandton, South Africa, June 5, 2025. (Reuters)

China's car sales rose for a fourth consecutive month in May, but slower increases across major automakers highlighted concerns over aggressive price competition in the world’s largest auto market.

Sales grew 13.9% from a year earlier to 1.96 million vehicles last month, slowing from 14.8% growth in April, China Passenger Car Association (CPCA) data showed on Monday.

Sales of electric vehicles and hybrids rose 28.2% year on year, down from a 33.9% gain in April.

Leading EV maker BYD reported decelerating annual passenger vehicle sales growth to 14.1% last month from April's 19.4% despite a new round of subsidies and incentives late in the month.

Other major automakers, including Geely and Chery, also reported slower growth as the industry’s attention shifted to price wars that have raised concern over a potential market shakeout.

Authorities have warned that such price wars threaten the industry's long-term health, with the sentiments echoed by leading manufacturers such as BYD, Chery and Xiaomi.

The CPCA's secretary-general, Cui Dongshu, said the industry should focus on quality and technology innovation and that leading automakers should lower their sales targets for this year.

CPCA data also showed that car exports rebounded, rising 13.5% year on year in May, reversing a 2% decline in April.