Egypt Cabinet approves measures to receive $500 mln World Bank loan

Egyptian Cabinet has approved completing measures to receive a $500 million World Bank loan facility geared towards what the government says will be domestic development programme for Upper Egypt.

The programme will be first launched in Sohag and Qena governotaes in a bid to achieve economic growth, the development of private sector investments to provide more work opportunities, and a foundation for infrastructure support.

The programme also seeks to expand on industries that are unique to Upper Egypt, including food and furniture production industries.