Cairo – Mubasher: The Board of Executive Directors of the World Bank (WB) has approved a development financing worth $400 million to Egypt to develop the sustainable infrastructure in its transportation sector, Akhbar El-Yom reported on Monday.

The financing further aims to enhance the performance of the logistics and transportation sectors in Egypt and support the shift towards low-carbon transportation along the Alexandria- 6th of October-Greater Cairo railway corridor.

In this respect, Egypt's Minister of International Cooperation, Rania El- Mashat, revealed that the said development loan holds a tenor of up to 29 years, including a seven-year grace period.

It is worth noting that the WB Group’s development financing portfolio in Egypt amounts to $5.70 billion in various areas, including the Universal Health Insurance (UHI) system, support of entrepreneurship and small and medium-sized projects, development of Egypt’s railway system as well as Upper Egypt, and social protection.