News

Egypt to Receive Final Tranche of $3 Billion World Bank Loan to Support Socio-Economic Program

Egypt to Receive Final Tranche of $3 Billion World Bank Loan to Support Socio-Economic Program

Photo Credit: REUTERS

Egypt’s Minister of Investment and International Cooperation (MIIC) Sahar Nasr to meet with a delegation from the World Bank on Sunday to discuss final procedures before giving Egypt the final $US 1 billion tranche of a $US 3 billion loan.

According to Nasr, the loan is to finance the social and economic development projects.

The Regional Director of the International Bank in Egypt Assad Allam and Nasr have met to follow on the progress of the development projects in Upper Egypt.

The World Bank has allocated $US 500 million to the Upper Egypt development project.

She added that the ministry is calling on the private sector to participate in infrastructure projects in Upper Egypt.

Earlier in September, Egypt received the first tranche of the loan and the second one was obtained in later in March, both worth of $US 2 billion.

World Bank mission to be sent to Egypt in September to discuss Upper Egypt development project, supporting governance, developing education and enhancing the investment climate.

13 Killed, Dozens Injured in Barcelona Terror Attack
Egypt's Al-Azhar Criticizes Gender Equality in Inheritance, Unlike Tunisia

Subscribe to our newsletter


News

More in News

Egypt’s Unemployment Rate Down to 10 Percent in Q3 of 2018

Egyptian StreetsNovember 16, 2018

Egypt ‘Appreciates’ and ‘Trusts’ Final Saudi Investigation into Khashoggi Killing

Egyptian StreetsNovember 16, 2018

Archaeological Mission Unearths Ancient Pregnant Woman Burial

Egyptian StreetsNovember 14, 2018

Egyptian MP to Submit Bill Omitting Religion from National IDs to Parliament

Egyptian StreetsNovember 12, 2018

British Parliament Encourages Lifting the Travel Ban Imposed on Sharm El Sheikh

Nour EltiganiNovember 11, 2018

Egyptian Film ‘Yomeddine’ Wins at Geneva Film Festival

Mirna AbdulaalNovember 10, 2018

UN: Food Aid to Be Doubled to 14 Million Yemenis to Avert Starvation

Mirna AbdulaalNovember 10, 2018

Bedouin Tribes of ‘Sinai Trail’ Get Backing From Egypt’s Ministry of Tourism

Mirna AbdulaalNovember 10, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.