World Bank provides finances for 450,000 small projects in Egypt: minister

The World Bank has financed nearly 450,000 small projects in Egypt, according to the Ministry of Trade and Industry

“These projects offered more than 640,000 jobs nationwide,” said a ministry statement.

Meanwhile, Nevine Gamea, head of the Egyptian ministry, revealed that an agreement to finance small projects worth 200 million U.S. dollars was signed with the World Bank during her meeting with its delegation on Tuesday.

Egypt is keen on building successful partnership with the World Bank to achieve the objectives of the 2030 Sustainable Development pushed by its economic reforms launched in 2016.

The current cooperation portfolio between Egypt and the World Bank is estimated at 8 billion dollars, said a statement by the Egyptian cabinet on Friday.

Egypt’s economy has been battered by years of turmoil following the 2011 popular uprising that toppled former President Hosni Mubarak.

However, the country has recently shown signs of economic improvement amid strict reforms, including tax hikes and energy subsidy cuts recommended by the International Monetary Fund that supports Egypt’s economic reform plan with a 12-billion-dollar loan.