Cabinet approves increase in Egypt's capital at IDA, AFDB

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MENA

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Wed, 13 Dec 2017 - 05:34 GMT

BY

MENA

Wed, 13 Dec 2017 - 05:34 GMT

International Cooperation Minister Sahar Nasr talks during an interview with Reuters in Cairo, Egypt, December 8, 2015. Egypt expects to receive $1.5 billion from the World Bank and African Development Bank by year-end to support the budget and could disc

International Cooperation Minister Sahar Nasr talks during an interview with Reuters in Cairo, Egypt, December 8, 2015. Egypt expects to receive $1.5 billion from the World Bank and African Development Bank by year-end to support the budget and could disc

CAIRO - 13 December 2017: The cabinet approved on Wednesday a draft presidential decree to increase Egypt's capital at the World Bank's International Development Association (IDA) by $5.250 million.

Speaking at a press conference, Minister of Investment and International Cooperation Sahar Nasr said the cabinet okayed a draft resolution by the board of governors of the African Development Bank (AFDB) to increase Egypt's capital by 2 million dollars.

Nasr stressed the importance of maintaining Egypt's share at the two institutions, which play a role in financing development projects in Egypt.

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