World Bank (WB) Country Director for Egypt, Yemen and Djibouti Asad Alam on Friday said that the WB welcomes supporting reform programs adopted by the Egyptian government.

Alam made the remarks after the World Bank Group’s Board of Executive Directors approved a US$1 billion in a development policy finance operation for Egypt to help the country carry out key economic reforms.

“We are pleased to support the Government’s reform program of promoting fiscal consolidation, ensuring sustainable energy supply, and creating a supportive business environment for entrepreneurs,” said Alam.

On Thursday, the WB Board endorsed a new Country Partnership Framework (CPF) to support Egypt during a critical period of economic and social transformation.

“World Bank Group support to Egypt will focus on the country’s urgent need to create more jobs, especially for the youth, improve quality and inclusiveness in service delivery, and promote more effective protection of the poor and the vulnerable,” said Alam.

“This program is a central element of our CPF to promote policy and institutional reforms for inclusive growth,” he added.