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Thursday, 12 September 2019

Egypt, World Bank sign USD 500 mn facility extending social safety program

In other news from international financiers: Egypt, World Bank sign USD 500 mn facility to extend social safety net: Investment Minister Sahar Nasr and World Bank director in Egypt Marina Weis have signed an agreement to extend a program to support Egypt’s social safety net for three years, the ministry said in a statement. The bank will provide an additional USD 500 mn facility on top of the initial USD 400 mn loan granted in 2015 to support the Takaful and Karama cash subsidy programs. The new proceeds will be used to expand the programs by offering employment and “economic empowerment” to members of the enrolled families. The bank approved the extension last July.

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