Sahar Said We welcome the World Bank’s support

The World Bank’s Board of Executive Directors on Tuesday approved a $1.15 billion in a development policy financing loan to support Egypt’s economic reform program.

This loan is the last in the series of three annual loans—called the Fiscal Consolidation, Sustainable Energy, and Competitiveness Development Policy Financing loans - worth a total of $3.15 billion. These loans were provided over 2015 to 2017.

“We welcome the World Bank’s continuous support to the transformational economic reform agenda of the government. This program supports Egypt’s program to help improve its attractiveness for private investment, creating jobs especially for youth and women,” said Sahar Nasr, Egypt’s Minister of International Cooperation who also represents Egypt on the World Bank’s Board of Governors.

“Egypt has shown sustained commitment to implementing inclusive reforms. We are privileged to support the country on its path to achieving its full potential and improving living standards for all Egyptians,”’ said Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti.

In providing this financing, the World Bank has collaborated closely with development partners. 

The African Development Bank is preparing its parallel financing of US$500 million while the United Kingdom has provided an additional US$150 million guarantee to expand the loan amount to $1.15 billion.

“The United Kingdom is proud to join the World Bank in this strategic support to the Egyptian Government in building an economy that works for all Egyptian men and women,’’ said John Casson, the UK Ambassador to Egypt.

The World Bank finances programs and projects to help Egypt reduce poverty and boost shared prosperity. The focus of Bank support includes social safety nets, energy, transport, rural water and sanitation, agriculture and irrigation, housing, health care, job creation, and financing for micro and small enterprises.

The World Bank currently has a portfolio of 19 projects with a total commitment of US$7.8 billion