Egyptian Minister of Investment and International Cooperation Sahar Nasr revealed on October 16 that an agreement was reached with the World Bank (WB) to provide the country with a new funding of USD 3 bn during the next few months, Invest-Gate reports.

The agreement came on the sidelines of the minister’s meeting with the World Bank’s CEO Kristalina Georgieva during the International Monetary Fund (IMF)-World Bank annual meetings in Bali, according to a ministerial statement.

On her part, Georgieva said the financing deal comes within the World Bank’s confidence in Egypt’s economic reform and its willingness to continue supporting the country’s efforts in “the economic and social transformation process and on helping the Egyptian government’s efforts to attract foreign investments.”

The CEO underscored the bank’s keenness to support vital sectors, especially Sinai development with earmarking USD 1 bn, in addition to backing the state’s projects of infrastructure, transportation, and agriculture as well as its economic reform program.     

Last March, Egypt received the third and final USD 1.15 bn loan from the World Bank as it concluded a series of three annual loans issued by the bank -“Fiscal Consolidation, Sustainable Energy, and Competitiveness Development Policy Financing Loan”- worth USD 3.15 bn, in efforts to aid the country’s economic reform program.