World Bank to finance Egypt projects with $200m

World Bank to finance Egypt projects with $200m
(Photo credit: Mubasher's photo archive)

Cairo – Mubasher: Egypt's Ministry of Trade and Industry is currently in talks with the World Bank to finance projects with heavy employment and operation.

The financing deal which is being discussed is worth $200 million, trade and industry minister Tarek Kabil said, according to a statement released Friday.

The project will help improve job opportunities and training across Egypt's governorates, he added.

The new agreement will also provide 90,000 direct jobs and 130,000 indirect ones, Kabil said, noting that the deal will be executed over a four-year period.

The deal, which will target the poorest areas and regions in Egypt, will include training programmes that will contribute to the employment of 45,000 youths, the minister highlighted.

He added that the project will also entail the renovation of 700 schools, according to the statement.

Source: Mubasher