Washington: The World Bank announced yesterday US$500 million in financing to expand and strengthen Egypt’s flagship Social Safety Net Program, also known as Takaful and Karama.
The new financing marks a third phase of collaboration between the World Bank and the Government of Egypt to support the establishment of an efficient and effective cash transfer program and to introduce beneficiaries to interventions that generate sustainable incomes and help people to graduate out of poverty.
"This new financing very much resonates with the bank’s FY 23-27 Country Partnership framework with Egypt which puts the Egyptian people at the center of its strategy, and seeks to create conditions for green, resilient, and inclusive development including through supporting the enhancement of Egypt’s human capital," said Marina Wes, World Bank Country Director for Egypt, Yemen, and Djibouti, in a media release on Friday.
Investing in human capital is integral to national development and the Middle Eastern country has made notable progress towards building a more integrated and inclusive social protection system.
A cornerstone of Egypt’s social protection system is the Takaful and Karama program (TKP), which as of June 2022, covers 3.69 million households (approximately 12.84 million individuals).
Women represent 74 percent of card holders/direct beneficiaries, and 67 percent of the cash goes to Upper Egypt.
The adverse economic impact of recent global events such as COVID-19 and the war in Ukraine added urgency to strengthen and expand the flagship program and to boost the resilience of vulnerable households in the face of future shocks.
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