Egypt signed a deal with the World Bank on 12 September to receive $500mn to support its social safety net program Takaful and Karama. “Solidarity and Dignity” was launched in 2015 with the World Bank initially donating $400mn, which would bring total contributions to $900mn.
The program covers around 2mn families or roughly 9.5mn individuals, approximately 10% of Egypt’s population. It was introduced a year after Egypt began removing subsidies on fuel products and “aimed to mitigate the potential short-term negative impacts of the reforms on the most poor and vulnerable segments of Egypt’s population,” the World Bank says. The second phase is expected to add some 12.8mn individuals, taking total coverage to 22.3mn. (CONTINUED - 143 WORDS)