Egypt - Economic Governance and Energy Support Program III (EGESP III)

The proposed intervention is the third and final phase in a programmatic series of three consecutive Program Based Operations (PBO) covering the period 2015 – 2018. The Bank planned a total of USD 1.5 billion for the three-year programmatic operation. The first two phases each amounting to USD 500 million were fully disbursed in January 2016 and March 2017. The program amount for the third and final phase is USD 500 million. To ensure steady progress and sustainability of reforms, the components of Economic Governance and Energy Support Program III (EGESP III) remain the same as in EGESP I and II, though the specific prior actions differ. Consequently, EGESP III’s package of reforms is organised around three components, namely: (i) Enhancing fiscal consolidation; (ii) Ensuring sustainable energy supply; and (iii) Enhancing the business environment. The three components are complementary and mutually reinforcing in addressing structural constraints to inclusive growth and job creation.