Back to the complete issue
Wednesday, 17 October 2018

World Bank pledges USD 3 bn loan for infrastructure projects, Sinai development

** #2 – World Bank pledges USD 3 bn loan for infrastructure projects, Sinai development: Investment and International Cooperation Minister Sahar Nasr reached a final agreement with the World Bank to extend a USD 3 bn loan “over the coming months,” according to a ministry statement (pdf). The funding will be directed towards supporting the government’s development drive in the Sinai Peninsula, as well as financing infrastructure, transport and agriculture projects elsewhere in the country and general backing for Egypt’s economic reform program, the statement says. Talks for the funding had been ongoing since April. We had reported in an exclusive back in July that Cairo was seeking USD 2 bn in World Bank funding. It remains unclear whether the USD 3 bn in funding package includes a USD 500 mn loan Prime Minister Mostafa Madbouly had requested from the bank for social housing development.

The news comes as Investment Minister Sahar Nasr is courting European investors on a roadshow that has taken her to Luxembourg, according to a ministry statement (pdf). In addition to sit-downs with government and Luxembourg stock exchange officials, Nasr is meeting with execs in industries including banking, materials, and chemicals. Look for a return visit by a Luxembourg trade delegation in the not-so-distant future.

Nasr is meeting today with the EU’s top “neighborhood policy” boss, according to a European Commission statement picked up by Al Masry Al Youm.

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; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.