Sahar Nasr discusses receiving 3rd World Bank loan tranche

CAIRO - 21 August 2017: Minister of Investment Sahar Nasr discussed with World Bank (WB) delegation on Monday the procedures of receiving the third $1 billion tranche of its $3 billion loan aimed to fund the country's economic reform program.

Nasr stressed on the importance of signing the third tranche of the loan before the end of 2017, which she said will encourage private sector investments, support development programs and create job opportunities, according to a statement from the Ministry.

During the meeting, the WB delegation, led by WB projects manager Ashish Khanna, praised the economic reform measures taken by the government, stating it will act as a foundation for an inclusive growth.

The WB has provided Egypt with several loan grants in the fields of transportation, education, health and agriculture. The WB is also contributing to Upper Egypt’s development project, as it provided a $500 million fund, of which Cairo received the first $125 million tranche over the past period.