Egypt signs $1.15B deal with World Bank for third tranche of loan

CAIRO – 8 December 2017: Egypt’s Minister of Investment and International Cooperation Sahar Nasr signed a deal with the World Bank Group’s country director for Egypt, Yemen and Djibouti Asad Alam to receive the last $1.5 billion tranche of the bank’s development loan.

Nasr signed the agreement on the sidelines of Africa 2017 Forum, which is taking place in Sharm El-Sheikh from December 7 to 9.

The $1.15 billion loan, which supports Egyptian economic reforms aiming to create jobs, ensure energy security, strengthen public finances and enhance 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.

The loan is the last in a series of three annual loans totaling $3.15 billion issued from 2015 to 2017, the World Bank said in a statement.