Egypt negotiating two loans from World Bank: minister

Egypt is negotiating two loans worth US$1 billion from the World Bank to fund the country’s development projects, minister of international cooperation Sahar Nasr said Tuesday.

The first loan, worth US$500 million, is tailored for Egypt’s project to reclaim one million and half million feddans. The second loan, valued at US$500 million, will go for the economic development programme for the Upper Egypt’s governorates.

Minister Nasr made this announcement on the side line of her visit to Beirut to receive 2015 prize of the most influential woman in the Arab economic sector.

About the first loan, Nasr said that ministries of Irrigation, Agriculture, and Housing are conducting the talks for the US$500 loan to reclaim one million and half million feddans across the country, notably in Upper Egypt region and Suez Canal cities

Additionally, the Egyptian minister said the second loan negotiations are conducted by ministries of Trade and Local Development, seeking to establish comprehensive industrial areas to train labours in Upper Egyptian governorates.