World Bank to provide Egypt with second $1 billion of $3 billion loan in 4 months

The World Bank has approved to provide the second $1 billion tranche of a $3 billion loan to Egypt within three to four months, said World Bank vice president Hafez Ghanem announced on Wednesday.

Earlier, the World Bank has provided Egypt in September with the first $1 billion tranche, which is planned to be delivered over three years to fund labour-intensive projects and achieving sustainable economic development.

This programme comes within the framework of the World Bank’s Country Partnership Framework (CPF) for 2015–2019, which provides about $8 billion for supporting Egypt’s economy.