International Finance Corporation (IFC) Regional Director for the Middle East and North Africa Mouayed Makhlouf said Friday the new Country Partnership Framework (CPF) to support Egypt reflects a clear departure from past World Bank support for Egypt.

"This is not only by its proposed scale, which is considerably larger than in the past, but also by its focus on supporting the country's efforts to renew its social contract with its citizens," Makhlouf said in a statement

"The three closely interconnected key pillars of the CPF are improving governance, supporting private sector job creation, and improving social inclusion," he added.

“Jump starting the economy can’t happen without enabling the private sector to play a catalytic role in diversifying the economy, increasing competitiveness, and creating jobs,” Makhlouf said.

"IFC will continue to support the private sector and reforms that create a level playing field and a business-friendly environment to support Egypt's growth," he added.

On Tuesday, the World Bank Group's Board of Executive Directors endorsed the new CPF to support Egypt during a critical period of economic and social transformation.