Egypt received the third and final USD 1.15 bn loan of the World Bank’s “Fiscal Consolidation, Sustainable Energy, and Competitiveness Development Policy Financing Loan” worth USD 3.15 bn, Invest-Gate reports.

The bank’s board of executive directors had approved the disbursal in December, to conclude a series of three annual loans issued by the bank to Egypt between 2015 and 2017, in efforts to support the country’s economic reform program.

“This loan supports Egypt’s home-grown inclusive reforms aimed to power job creation, ensure energy security, strengthen public finances, and enhance business competitiveness, especially for micro-, small- and medium-sized businesses,” according to the World Bank.