World Bank provides Egypt with $3B

CAIRO - 16 October 2018: Egypt reached a new agreement with the World Bank to have a new finance worth $3 billion during the upcoming months, according to Minister of Investment Sahar Nasr.

This agreement comes within the framework of President Abdel Fatah al-Sisi and Head of the World Bank Jim Kim's prior agreement sealed during their last meeting in September.

The minister noted that this funding reflects the World Bank's confidence in Egypt’s economic reforms and ensures its keenness on providing Egypt with support to implement the economic and social reform program.

During the World Bank and International Mutual Fund (IMF) meetings held in Bali, Nasr discussed the preparations related to the new funding with the World Bank’s CEO Kristalina Georgieva.

For her part, Georgieva said that the World Bank is keen to support Egyptian efforts in the process of economic and social transformation, and to assist the efforts of the Egyptian government to attract foreign investments to Egypt.

She added that the bank is keen to support the priority sectors, especially the development of Sinai, with $1 billion, in addition to supporting infrastructure projects, transport and agriculture, and its continued support for the economic reform program.

On Oct. 13, Egypt signed an agreement with the World Bank to finance the infrastructure with $300 million through proceeding with the "Sustainable Rural Sanitation Services Program".

Executive Director of Egypt at the World Bank in Washington Ragui el-Etreby said earlier that the World Bank’s portfolio in Egypt exceeds $8 billion, recording the highest portfolio amongst Arab countries and the region.