World Bank Approves $500 Million Loan to Egypt – PM

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Egyptian Prime Minister Ibrahim Mahlab announced Wednesday the approval of the World Bank Group (WB) of a 500-million-dollar loan to fund a giant project to provide natural gas to houses.

Egypt will be given an eight-year grace period and the loan will be paid back over 28 years.

The agreement came during a meeting between Mahlab and WB Group President Jim Yong Kim during which they discussed fruitful and constant cooperation between Egypt and the WB with the aim of promoting economic and social development in Egypt.

Some 1.5 million families in 11 governorates across Egypt, including Sohag, Qena, and Aswan, will benefit from the project.