📋 Tender Overview
STATUS
Proposed
MEMBER
Egypt
SECTOR
Other
PROJECT NUMBER
000894
FINANCING
PROPOSED FUNDING AMOUNT
USD300 million
FINANCING TYPE
Sovereign
TIMELINE
CONCEPT REVIEW
October 17, 2024
APPRAISAL REVIEW/FINAL REVIEW
November 7, 2024
OBJECTIVE
The Program is the first in a programmatic series of three single-tranche climate focused policy-based financing (2025-2028).
The Program Objective is to (i) enhance economic competitiveness through increased competition and an improved business environment for more private sector participation; (ii) build macroeconomic resilience to external shocks, through higher domestic revenue mobilization, debt reduction and improved fiscal reporting; and (iii) support the green transition by strengthening resilience to climate change, promoting low carbon development, scaling up renewable energy and increasing electricity and water and sanitation sectors efficiency. The Bank’s support is focused on the third objective of the Program which is directly aligned with the eligibility criteria of the AIIB’s policy on Climate Policy-based Financing.
DESCRIPTION
The Program comprises of three reform areas.
The Bank’s support is focused on the Reform Area 3 which is directly supporting the Member’s implementation of the National Climate Change Strategy 2050 to achieve the goals of the Nationally Determined Contributions.
Reform Area 1 Enhancing economic competitiveness through increased competition and an improved business environment for more private sector participation.
Prior Action 1 The Borrower has submitted to Parliament the draft law 179/2024 to regulate its ownership in state owned companies.
Prior Action 2 The Borrower has issued a Prime minister decree amending Executive Regulations of Law 152/2022 with provisions on competition and prohibition of monopolistic practices to implement merger control, and limit anticompetitive effects through remedies.
Prior Action 3 The Borrower has submitted the draft Law 125/2024 on Small Claims to Parliament.
Reform Area 2 Building macroeconomic resilience to external shocks, through higher domestic revenue mobilization, debt reduction, improved fiscal reporting, and redistributive effectiveness.
Prior Action 4 The Borrower has (i) promulgated Law 159/2023 that eliminates tax and fees exemptions to State entities in economic and investment activities; and (ii) issued MoF Decrees to gradually roll-out the system that standardizes the principles and criteria for calculation of wages and salaries tax.
Prior Action 5 The Borrower has issued a Primary Dealer Decree including rules and incentives to improve competition, transparency and increased secondary market trading.
Prior Action 6 The Borrower has promulgated amendments to the Unified Public Finance Law to improve fiscal reporting by including economic authorities in the definition of the general government.
Reform Area 3 Supporting the green transition by strengthening resilience to
