São Paulo – The World Bank approved a USD 1 billion loan to Egypt’s government, designed to help create jobs, foster growth and support economic reforms. The information is from the organization’s website.
The loan is part of the Second Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing (DPF), whose goal is to underpin an inclusive economic reform program for the Arab country.
The World Bank said in a statement that it is crucial for the country to create jobs, encourage growth and attract new investments. To that end, the institution expects Egypt to put public finances in a more sustainable level, support energy security and improve the business environment for small and medium businesses, among other steps.
“We welcome the World Bank’s support of the transformational economic reform agenda of the government. This program supports our home grown program to help Egypt realize its full potential and raise the living standards of all its people,” said International Cooperation minister Sahar Nasr, who is also the country’s representative at the World Bank.
Part of the loan is likely to be allocated to modernization of the national electricity and oil industries, and incentives to renewable energy generation.
Egypt will also receive a USD 500 million loan from the African Development Bank, which operates in tandem with the World Bank.
*Translated by Gabriel Pomerancblum
