Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.