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Wednesday, 5 December 2018

World Bank pledges USD 1 bn loan to support Egypt’s reform program, private sector development

World Bank pledges USD 1 bn in fresh funding to support Egypt’s reform program, private sector development: The World Bank has pledged to provide Egypt with a new USD 1 bn loan to help finance the next phase of the government’s economic reform program, which focuses on spurring private sector growth, the bank said in a statement yesterday. “The program is designed to support three of the government’s key objectives of job creation, improving government performance and raising living standards. The [development policy financing] is focused on reforms to improve the business environment, with an emphasis on ensuring small businesses have access to finance and new financial technology such as digital payments, along with [chances] to bid for government contracts; while empowering local governorates and districts for local investment planning.”

Final agreement on Sinai facility: The bank had also reached a final agreement with Investment Minister Sahar Nasr in October over a USD 3 bn loan for infrastructure projects and the government’s development drive in the Sinai Peninsula.

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