World Bank secures $500 million to develop industrial zones in Upper Egypt

The World Bank will finance the development of the infrastructure for the industrial zones in Upper Egypt governorates of Qena and Sohag, Egyptian Industry and Foreign trade Minister Tarek Kabil said in a statement Thursday.

Qena and sohag are two of the poorest governorates in Egypt, where urban unemployment is higher than the national average, which stood at 12.8 percent in the third quarter of 2015, according to state’s statistics body CAPMAS.

The World Bank has approved in December expanding Egypt’s portfolio with its subsidiary the International Bank for Reconstruction and Development (IBRD) to $6 billion from $5 billion over the five years fro 2015 to 2019.

Source: Ahram Online