Egypt is injecting the first tranche of the World Bank loan worth USD 125 mn into upgrading Upper Egypt in accordance with President Abdel Fattah El Sisi’s directives, Invest-Gate reports.
The program aims at improving the investment climate and boosting industrial development in the governorates of Sohag and Qena, officials say.
They add that it also seeks to enhance infrastructure in Upper Egyptian areas and stimulate economic growth.
Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti in Egypt and the Middle East, says, “We are keen on developing the poorest areas in the country, and the program seeks to enhance competitiveness in the governorates of Qena and Sohag.”