Egypt signs World Bank $1 billion second tranche deal

Egypt has signed Thursday a deal to obtain a payment of $1 billion from the World Bank Group, the second of three disbursals of a $3 billion loan.

Egyptian Minister of International Cooperation Sahar Nasar has signed the agreement with Asad Alam, World Bank country director for Egypt, Yemen, and Djibouti, in Cairo.

Earlier, the World Bank’s board of executive directors approved on Tuesday a second $1 billion disbursement of a $3 billion loan to Egypt.

“We are pleased to continue supporting the country’s ambitious programme of reforms with a strong focus on job creation and boosting the competitiveness of Egyptian businesses,” said Alam, in a statement announcing the board’s approval.

World Bank has endorsed late 2015 the first tranche of its $3 billion three-year loan to to fund the Egyptian government plans to boost growth.