Cairo, WB discuss providing Egypt with 3rd $1B loan tranche

CAIRO – 24 May 2017: Minister of Investment Sahar Nasr discussed with World Bank (WB) Country Director for Egypt Asaad Alam providing Cairo with the third $1 billion tranche of its $3 billion loan aimed to fund the country's economic reform program.

The remarks were made during their Wednesday meeting that also touched on the WB's contribution to supporting the second phase of the sewage project, in collaboration with the Asian Infrastructure Investment Bank (AIIB) and in coordination with Egypt's Ministry of Housing, the Investment Ministry said in a statement.

The two sides agreed on a visit by a WB delegation to Egypt in early June in order to support the Investment Ministry's steps to draft Egypt's investment map, lure more foreign investments and promote bilateral cooperation in various fields, the statement added.

The meeting also touched on the WB's role in providing Cairo with the necessary support to push forward the private sector's role in the economic and social development process.

Nasr emphasized that the Investment Ministry is urging the private sector to carry out infrastructure projects in the country, noting that the ministry also attaches importance to supporting Egyptian women.

The WB vice president meanwhile expressed optimism over the economic reforms adopted by the Egyptian government, saying that the WB supports Cairo in order to inject new investments into the infrastructure field.

Alam further noted that the WB seeks to cooperate with Egypt on developing education and implementing the sewage project.