Home Economy World Bank approves $1.15 bln development policy loan for Egypt

World Bank approves $1.15 bln development policy loan for Egypt

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.

(Reporting by David LawderEditing by Marguerita Choy)

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