Cabinet approves USD 500 mn World Bank loan for Egypt’s social housing
CABINET WATCH- Ministers approve World Bank social housing loan: The Madbouly Cabinet signed off on the USD 500 mn loan Egypt is receiving from the World Bank to finance its social housing projects, according to a statement. Prime Minister Moustafa Madbouly had requested the financing in July of last year as part of a USD 2 bn package for economic reform measures. Also approved during yesterday’s weekly meeting:
- Receiving an additional USD 13 mn of funding from USAID as part of a broader aid agreement to support basic education;
- A bundle of decisions and recommendations from cabinet’s investor dispute resolution committee;
- A bilateral agreement between Egypt and Latvia exempting diplomatic passport holders from entry visa requirements.