In an effort to support Egypt’s IMF-sponsored economic reform program, the Executive Board of the World Bank approved on Tuesday a $US 1.15 loan to the country. The loan, which is the final installment of a package of three annual loans worth a total of $US 3.15 billion, aims to power job creation, strengthen public finances, ensure energy security and enhance competitiveness for micro, small and medium-sized businesses, according to a statement by the World Bank. Sahar Nasr, Egypt’s Minister of International Cooperation, said that her country appreciates the international lender’s support for the wide-ranging reforms. “We welcome the World Bank’s continuous support to the transformational economic reform agenda of the government. This program supports Egypt’s program to help improve its attractiveness for private investment, creating jobs especially for youth and women,” the Minister asserted. On his part, the World Bank’s Country Director for Egypt, Yemen and Djibouti Asad Alam, said that the Egyptian government has “shown sustained commitment to implementing inclusive reforms. We are privileged to support the country on its path to achieving its full potential and improving living standards for all Egyptians.” The loan package, officially called the Fiscal…
World Bank Approves $US 1.15bn Loan to Egypt to Support Reforms
December 8, 2017
