This report reviews World Bank support to Egypt from fiscal 1999 through fiscal 2007. It analyzes the objectives and content of the Bank's assistance program during this period. The Bank's assistance program largely met its objectives and contributed significantly to policy and institutional changes, especially in the financial sector, privatization, pension system, and private sector development. From FY99 to FY07, the Bank committed just $2.1 billion for 18 investment projects and one policy-based loan. Bank analytical work has helped in the design of recent economic reforms and in monitoring poverty. The Bank's long-term partnership in irrigation and water management has contributed to recent increases in agriculture productivity and exports. Bank efforts in rural finance have been less successful. The Bank has also contributed to improvements in Egypt's human development indicators. Future Bank strategy needs to reflect Egypt's middle-income status by including a flexible lending program and an emphasis on knowledge services, including reimbursable technical assistance. The Bank can further strengthen the partnership by focusing on (i) poverty and inequality; (ii) analytic work on macroeconomic analysis and income disparities and its improved dissemination; (iii) further financial sector reforms and indirectly combating corruption; and (iv) sectoral strategies and policy and institutional reforms in infrastructure and energy.