The World Bank has handed over to Egypt the first tranche of a US$3 billion loan to support the government's economic and social development program. The funding from the World Bank and the African Development Bank represents international confidence in the Egyptian government's development programs and the country's economy in general, Nasr told Al-Masry Al-Youm. Nasr said the ministry hopes to get the second tranche, amounting to $1.5 billion, from the International and African Development bank before the end of this year. The final $500 million tranche, for developments in Upper Egypt, will come from the World Bank, with the deal to be signed in the coming period, she added. "We are delighted with our partnership with Egypt to implement its economic program, which will help to create job opportunities, attract investment, and promote growth," said Country Director of the World Bank in Egypt, Asaad Alem.

Source: Egypt Independent September 09, 2016 16:30 UTC