News

Egypt’s House of Representatives Approves a $500 Million Loan to Reform Education

mm
Egypt’s House of Representatives Approves a $500 Million Loan to Reform Education

Students taking part in art activities in a public school in Egypt. Credit: World Education Staff.

In a general session on Tuesday, the Egyptian parliament has approved a 500-million-dollar loan from the International Bank of Reconstruction and Development (IBRD) to support educational reform projects.

The approval comes after an agreement has been signed by Egypt last April in the United States.

According to the World Bank, the loan aims to ameliorate the quality of kindergarten education, improve learning quality and incorporate technology to achieve the goals of the reforms.

It is estimated that the project will allow 50,000 children to access kindergarten education, train 500,000 teachers while granting around 1.5 million teachers and students with necessary digitalized learning sources.

The IBRD is one of 5 member institutions that compose the World Bank.

In late June, the World Bank has announced another $530 million loan to improve the Egyptian public health sector. While in November 2016, the IMF has agreed to provide Egypt a $12 billion loan package to boost the Egyptian economy, which has led to governmental austerity measures, floating the Egyptian pound and lifting subsidies on fuel, water and electricity, causing public discontent.

Egypt’s external debt is coming close to the $90 billion mark, reaching 40% of the GDP from 14.2% in late 2015. Analysts warn that such high levels of indebtedness should be balanced with strong government finances, manifested in its abilities to collect taxes and raise funds. Otherwise, Egypt could risk defaulting on its external debt.

Egypt's Dodge-ball Team Set to Play in NYC World Cup
Egyptian Parliament Passes New Law to ‘Fight Fake News’

Subscribe to our newsletter


News

More in News

Saudi Arabia Mandates COVID-19 Vaccination for All Hajj Pilgrims

Egyptian StreetsMarch 3, 2021

Egypt and Sudan Announce Military Cooperation Deal

Egyptian StreetsMarch 2, 2021

New Draft Personal Status Law Sparks Outrage in Egypt

Egyptian StreetsFebruary 27, 2021

Egypt’s Public Prosecution Issues Call for Video Evidence of Fairmont Gang Rape Case

Egyptian StreetsFebruary 24, 2021

Egyptian Aged 40 or Older? You Can Register for COVID-19 Vaccination This Month

Egyptian StreetsFebruary 24, 2021

Egyptian Ministry Establishes ‘Equal Opportunity Unit’ to Promote Gender Equality and Counter Discrimination

Egyptian StreetsFebruary 22, 2021

Tamer Amin Show Suspended For Offensive Commentary on Upper Egyptians

Egyptian StreetsFebruary 20, 2021

Egypt’s Dar Al-Iftaa Launches ‘Birth Control is Permissible’ Hashtag to Counter Overpopulation

Egyptian StreetsFebruary 18, 2021