Egypt Signs US$200 Mln Financing Agreement With World Bank

Egypt will sign a financing agreement amounting to US$ 200 million with the World Bank. Ashraf Al Araby, Minister of Planning and International Cooperation, and Inger Andersen, World Bank Vice President for the Middle East and North Africa Region, will sign the agreement in the presence of the Egyptian Prime Minister Hisham Kandil.

After meeting with Andersen last Monday, Al Araby said they discussed the possible ways of promoting cooperation between the Egyptian government and the World Bank. Such loan will be used to finance the establishment of small enterprises through the Social Fund for Development with the aim of creating job opportunities. The World Bank affirmed its support and contributions for Egypt.

Moreover, Al Araby said experts at Ministry of Planning and International Cooperation will finish a plan for increasing the national income by next week.