Cairo – Mubasher: Egypt's international cooperation minister Sahar Nasr signed the second $1 billion dollar tranche agreement dedicated to supporting Egypt’s economic and social reform programme with the regional director of World Bank (WB) in Egypt.
The tranche is part of a $3 billion package.
The loan will help support Egypt’s foreign reserves, which will then be used for developmental projects underway to provide jobs and enhance sustainable growth, said Nasr in a statement on Thursday.
According to the minister, the WB’s agreement to provide Egypt with the loan is proof that international institutions are confident in Egypt and its economy.
This deal comes two days after signing a $500-million loan with the African Development Bank (AFDB) for a total $1.5 billion over 3 years.
Sahar said Egypt is negotiating the loan’s third tranche in December 2017.
