Egypt negotiating $500 mln Upper Egypt development loan from World Bank

Egypt is negotiating a $500 million loan from the World Bank to finance development schemes in Upper Egypt region.

Egyptian Minister of Local Development Hisham El-Sherif has met Wednesday with Asad Alam, World Bank’s Country Director for Egypt, Yemen and Djibouti, to discuss the Upper Egypt development loan.

Egypt has launched earlier in March a $500 million Local Development Programme for Upper Egypt, primarily funded by the World Bank. The programme comes within the framework of the World Bank’s Country Partnership Framework (CPF) for 2015–2019, which provides about $8 billion for supporting Egypt’s economy.

It aims to improve the business environment for private sector development, strengthen local government capacity for quality infrastructure and service delivery in select governorates in Upper Egypt and create more sustainable jobs.