CORRECTED-World Bank approves $1.15 bln development policy loan for Egypt

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Wed, 06 Dec 2017 - 05:59 GMT

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

WASHINGTON - 6 December 2017: The World Bank Group said its executive board approved on Tuesday a $1.15 billion development policy loan for Egypt to support the country's economic reform programs.

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. The $1.15 billion loan, which supports Egyptian economic reforms aimed at creating jobs, ensuring energy security, strengthening public finances and enhancing business competitiveness, includes financing contributions of $1 billion from the World Bank Group and a $150 million loan guarantee from Britain. A parallel $500 million loan from the African Development Bank is also being arranged, the World Bank said.

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