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

Online Training Launched to Encourage Egyptian Women’s Participation in Local Councils

Egyptian StreetsJanuary 23, 2020

Everything You Need to Know About the Coronavirus Outbreak

Egyptian StreetsJanuary 22, 2020

Egyptian MP Proposes Bill to Criminalize Child Marriage

Egyptian StreetsJanuary 21, 2020

Number of Minya Microbus Crash Victims Soars to 5, 16 Injured

Egyptian StreetsJanuary 17, 2020

Come June, King Tut Treasures To Be Exhibited in Boston

Egyptian StreetsJanuary 16, 2020

GERD Talks Yield Initial Agreement on Filling Plan

Egyptian StreetsJanuary 16, 2020

4 Egyptian Fishermen Rescued After Being Lost at Sea for a Week

Egyptian StreetsJanuary 14, 2020

Post-GERD Talks Gridlock, Ethiopian PM Asks South Africa for Intervention

Egyptian StreetsJanuary 13, 2020