Egypt,WB to finalise $500mn agreement for southern development

Egypt’s Ministry of International Cooperation will finalise a $500 million funding agreement with the World Bank to finance developmental projects in Upper Egypt and create more jobs for locals, the ministry said in a press release on Monday.

On Sunday Minister of International Cooperation Sahar Nasr chaired a meeting held with the World Bank’s Egypt country director Asad Alam to complete the final arrangements for the implementation of the Upper Egypt development programme.

Last year, Egypt and the bank signed a $1 billion development policy finance operation for Egypt to support the government’s economic reforms programme across key economic areas.

The loan, which is awaiting parliamentary approval, is the first in a series of three annual development finance loans to the Arab nation.

The current portfolio of the World Bank in Egypt includes 28 projects with a total commitment of US$6.47 billion, according to the bank.

source: Ahram Online