The World Bank approved a new country partnership framework (CPF) for Egypt for the financial years 2023-2027, providing the country with $7 billion in funds, the lender said on Wednesday.

The CPF will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion during the entire CPF period from the International Finance Corporation (IFC), the statement said, adding that the program was meant to support Egypt's efforts in green and inclusive development.