Egypt gets two loans from the World Bank to support its economic reforms

The World Bank and Egypt signed a US$ 1.15 billion loan agreement today to support ongoing reforms that have helped stabilize the economy, mobilized US$17 billion in private investments in the energy sector and enabled the transfer of fiscal resources to social protection programs.

The $1.15 billion loan, which supports Egyptian economic reforms aimed at creating jobs, ensuring energy security, strengthening public finances and enhancing business competitiveness, includes financing contributions of $500 million from the World Bank Group, $500 million from the African Development Bank and $150 million from Britain.

Both sides signed the agreement on the sidelines of Africa 2017 forum, in the presence of Acting Prime Minister Mostafa Madbouly and Chief Executive Officer of the World Bank Kristalina Georgieva.

The agreement was signed by Minister of Investment and International Cooperation Sahar Nasr representing the Egyptian side and World Bank Country Director for Egypt, Yemen, and Djibouti Asad Alam.

Nasr said in a statement that Egypt welcomes the continued support of the World Bank for the government’s economic reform program which is aimed at boosting the country’s economy and attracting investment to create job opportunities for youths and women.

The World Bank currently has a portfolio of 19 projects in Egypt with a total commitment of US$7.8 billion focused on social safety nets, energy, transport, rural water and sanitation, agriculture and irrigation, housing, health care, job creation, and financing for micro and small enterprises.