The World Bank (WB) is disbursing Egypt USD 1 bn in financial assistance as a second tranche of its USD 3 bn loan program with the country, Invest-Gate reports.
“The second tranche will encourage investments from the private sector and support the developmental projects as well as small- and medium-sized enterprises, which will create more job opportunities and push for sustainable development,” says Minister of Investment and International Cooperation Sahar Nasr.
The financing is part of a USD 8 bn program funded by the WB to support Egypt’s economic reforms. The program will support the government with USD 6 bn and the private sector with another USD 2 bn during the period from 2015 until 2019. The International Bank for Reconstruction and Development is also expected to grant Egypt USD 6 bn during the same period, according to Nasr.