The World Bank Group’s executive board approved on Tuesday, December 5, a USD 1.15 bn development policy loan for Egypt, Reuters reports.

The loan should support Egyptian economic reforms which aim at creating jobs, strengthening public finances, and enhancing business competitiveness.

The loan is the last in a series of three annual loans worth USD 3.15 bn issued from 2015 to 2017, according to a World Bank statement.

The USD 1.15 bn loan includes contributions of USD 500 mn from the World Bank Group, USD 500 mn from the African Development Bank and USD 150 mn from Britain.