Mubasher TV
Contact Us Advertising   العربية

World Bank approves $360m development policy financing for Egypt

World Bank approves $360m development policy financing for Egypt
Egypt's ongoing cooperation portfolio with the World Bank amounts to $5.8 billion

Cairo – Mubasher: The Board of Executive Directors of the World Bank has approved a $360 million development policy financing (DPF) loan to support the Egyptian economy's recovery from the COVID-19 pandemic.

This funding is part of a strategic partnership between the two sides aiming at enhancing sustainable growth and driving national efforts towards promoting sustainable development through a number of restructural procedures, the Minister of International Cooperation, Rania El-Mashat, said in a statement on Thursday. 

Moreover, the Asian Infrastructure Investment Bank (AIIB) is mulling providing parallel financing for the operation with the same value using the same package of policy reforms approved by the World Bank.

Egypt's ongoing development cooperation portfolio with the World Bank includes 18 projects in various sectors, including education, health, transport, social solidarity, petroleum, housing, sanitation, local development, and the environment with a value of $5.8 billion.