Egypt utilizes $125 million for Upper Egypt program

CAIRO – 12 June 2017: Egypt used $ 125 million earmarked from the World Bank for development projects in Upper Egypt, Minister of Investment and International Cooperation Sahar Nasr said Monday.

The projects are part of a $ 500 million program, approved by the World Bank to achieve economic growth in Upper Egypt’s governorates, specifically in Qena and Sohag.

Nasr explained in a statement that the two governorates were given priority due to their huge population numbers, poverty rates and economic abilities.

Aiming to support the private sector and create sustainable job opportunities, “the program works to improve business climate by developing infrastructure and existing industries especially in the food sector,” Nasr said.

“This program would help improve the economic competitiveness of Egypt’s least growing governorates,” said Asad Alam, World Bank country director for Egypt, Yemen and Djibouti.