Egypt’s Ministry of International Cooperation is holding talks to secure $300 million in additional financing from the World Bank for the country’s Social Development Fund.
An official source, who declined to be named, told Al Mal newspaper the new loan will be fully injected in microfinance projects.
The World Bank has allocated a financing portfolio worth $2 billion for Egypt, including $600 million for supplying homes with natural gas, in addition to projects in railways and energy.
The source said Khalifa Fund requested sovereign guarantees for the $200 million loan it had previously pledged for the Social Development Fund.
An official source, who declined to be named, told Al Mal newspaper the new loan will be fully injected in microfinance projects.
The World Bank has allocated a financing portfolio worth $2 billion for Egypt, including $600 million for supplying homes with natural gas, in addition to projects in railways and energy.
The source said Khalifa Fund requested sovereign guarantees for the $200 million loan it had previously pledged for the Social Development Fund.
Source:
Mubasher