Egypt boosts capital in World Bank’s IDA and AFDB

The Egyptian cabinet approved Thursday a draft resolution by the board of governors of  the World Bank’s International Development Association (IDA) to increase Egypt’s capital by $5.250 million.

The International Development Association (IDA) is part of the World Bank that helps the world’s poorest countries. Overseen by 173 shareholder nations, IDA aims to reduce poverty by providing loans (called “credits”) and grants for programmes that boost economic growth, reduce inequalities, and improve people’s living conditions.

The Cabinet has also ratified a presidential decree  to increase Egypt’s capital of the  African Development Bank (AFDB ) by $2 million, said Egyptian Minister of Investment and International Cooperation Sahar Nasr.