ICEC

World Bank delegation to visit Egypt Sunday: minister

Egypt’s Minister of Investment  Sahar Nasr will meet on Sunday with a delegation from the World Bank to discuss final procedures before giving Egypt the final $1 billion tranche of a $3 billion loan, the ministry announced Wednesday.

Nasr met on Wednesday in Cairo with the regional director of the International Bank in Egypt Assad Allam, where they discussed preparations for the upcoming visit by World Bank representatives.

The World Bank agreed to give Egypt the loan in December 2015.

Egypt received the first tranche of the loan in September 2016, while the second tranche was disbursed in March 2017.

Nasr and Allam also discussed another planned visit by World Bank representatives in September to follow up on the Upper Egypt development project as well as projects to improve governance, education and the investment environment in Egypt.

Nasr also said on Wednesday that the World Bank has allocated $500 million to the Upper Egypt development project, adding that the ministry is calling on the private sector to participate in infrastructure projects in Upper Egypt.

The current portfolio of the World Bank in Egypt includes 26 projects at a total commitment of $5.92 billion, according to bank data. Source: Ahram online

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