The World Bank (WB) is planning to provide Egypt with the third tranche of its USD 3 bn loan program by December, Invest-Gate reports.
Egypt and the WB signed an agreement on December 2015 for total funding of EGP 3 bn, received on three tranches. Egypt has already get the first and second tranches.
Vice President of the World Bank for the Middle East and North Africa region Hafez Ghanem said that a delegation from the World Bank will be visiting the country next week to inspect the bank’s current projects.
The World Bank’s current portfolio in Egypt includes 25 projects for a total commitment of about USD 8.5 bn.
The government has been moving ahead with a new economic reform program expected to help it achieve its targeted growth. The reform measures include lowering fuel subsidies, introducing a new value-added tax (VAT), and floating the Egyptian pound in order to attract foreign inflows.