World Bank President Jim Yong Kim takes to the stage to deliver remarks at the plenary session at the IMF-World Bank annual meetings at Constitution Hall in Washington October 10, 2014. REUTERS/Jonathan Ernst World Bank President Jim Yong Kim takes to the stage to deliver remarks at the plenary session at the IMF-World Bank annual meetings at Constitution Hall in Washington October 10, 2014. REUTERS/Jonathan Ernst

Parl't approves World Bank loan agreement

By: MENA
Mon, Jan. 15, 2018
CAIRO - 15 January 2018: The House of Representatives approved during Monday's session presidential decision No. 10/2018 to fund the Third Financial Sector Development Policy Loan so as to back sustainable energy and competitiveness.

The agreement was inked in Cairo on December 8, 2017 between Egypt and the International Bank for Reconstruction and Development (IBRD) with $1.150 billion.

The approval of the House's Speaker Ali Abdel Aal on the presidential decision came after reviewing the report prepared by the joint committee comprising the parliament's Economic Affairs as well as the Budget and Planning Committees.

The committee's report showed that the agreement is the third and last leg of the annual loans which reached $3.15 billion.

The agreement aims at supporting the national economic reform program to achieve economic stability, lure investments in the energy sector and allow the cabinet to increase spending on social care programs to raise employment rates.

It also focuses on backing the transportation, sanitation services in the rural and agricultural areas, irrigation, housing, medical care and providing job opportunities, according to the report.
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