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Monday, 3 October 2016

Egypt wants WB, AfDB second tranches before year end -Ismail

THE WORLD BANK GROUP HAS APPROVED a USD 500 mn loan to finance the Upper Egypt development program, particularly in the governorates of Qena and Sohag, according to a statement from the International Cooperation Ministry. The program, which comes as part of the World Bank’s Country Partnership Framework (CPF) agreement with Egypt, is aimed at bettering government services, providing job opportunities, developing infrastructure, as well as improving the management of industrial zones in the governorates, among others. Nasr is expected to sign the agreement at the World Bank’s annual meeting next week.

Furthermore, a delegation from the African Development Bank (AfDB) will submit a report to the bank’s board endorsing the release of the USD 500 mn second tranche of its USD 1.5 bn loan agreement, according to another statement from the ministry. The news follows a meeting on Sunday between International Cooperation Minister Sahar Nasr and the delegation to discuss among other topics potential future funding for projects by the AfDB.

Egypt wants to receive the second tranches of funding from the World Bank and AfDB before the end of this year, Prime Minister Sherif Ismail told Reuters. The World Bank already provided a USD 1 bn tranche of its USD 3 bn loan to Egypt, and AfDB delivered USD 500 mn as part of a USD 1.5 bn agreement.

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