Egypt, WB to sign 3rd tranche worth $1B August 20

CAIRO – 16 August 2017: Minister of Investment met with the Word Bank’s (WB) regional representative over the signing of the third $1 billion tranche of the $3 billion loan allocated by the bank to Egypt, a Wednesday statement said.

Minister Sahar Nasr and WB representative Asaad Alem reviewed the bank’s delegations visiting Egypt in August for the signing of the tranche and in September to discuss the progress in the Upper Egypt development project, supporting governance, developing education and enhancing the investment environment.

Egypt signed a $3 billion loan with the WB to support the government’s economic reform program. It received the first tranche of the loan in September and the second in March, each worth $1 billion.

The meeting tackled bilateral cooperation in the investment field and supporting the economic and social development in Egypt, in addition to promoting the role of the WB to enhance an attractive atmosphere for both the private sector and foreign investments.
The ministry is working for injecting more investments to develop Upper Egypt in cooperation with the private sector, in the light of the incentives offered by the New Investment Law for investing in the most needy areas, Nasr added.

The African Development Bank (AFDB)

Furthermore, Nasr and the representative of the African Development Bank (AFDB) in Cairo Layla al-Mokadem discussed the latest development in the cooperation strategy 2015 – 2019 worth $3 billion.

The strategy aims to support the economic and social program at a value of $1.5 billion, in addition to the current cooperation portfolio of $1.5 billion, including supporting the infrastructure, electricity, small and medium enterprises and transport projects to offer job opportunities for youth.

Both parties also considered the proposed finance from the bank for Abu Rawash wastewater treatment project at a value of $150 million.

Moreover, the meeting tackled the signing of the third tranche worth $500 million of the $1.5 allocated finance from the bank to support the economic and social program in Egypt over three years. Egypt received two tranches worth $1 billion.