Egypt to Receive $1 Billion Loan from World Bank
Another $1 billion fund from the World Bank will be transferred to the Egyptian government, as part of a reform programme to improve the social and economic conditions of the country.
The World Bank's Board of Executive Directors approved on Tuesday the release of $1 billion, as part of the $3 billion loan package to support Egypt's economic reform programme, according to Ahram Online. The reform programme focuses on creating jobs and social measures to lift the most vulnerable out of poverty.
“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 Asad Alam, World Bank country director for Egypt, Yemen and Djibouti. The first $1 billion tranche of the loan was received in September.
Egypt is also in the process of receiving a $12 billion loan from the International Monetary Fund, of which $2.75 billion were sent in November.