Egypt, WB discuss 3rd batch of 3-bn-dollar loan

Minister of Investment and International Cooperation Sahar Nasr on Tuesday discussed with World Bank Chief Executive Officer Kristalina Georgieva accelerating measures to sign the third batch of a WB loan to Egypt to the value of one billion dollars by the end of this year.

The loan is meant to support the Egyptian government's economic and social reform program.

Egypt has already received the first two batches over the past two years worth two billion dollars.

The meeting was held on the sidelines of Nasr's participation in the annual meetings of the World Bank in Washington.

She expounded, at the meeting, economic reform efforts exerted by the Egyptian government and the establishment of several national development projects in the domains of transportation, education and infrastructure, according to a released statement by the Ministry of Investment and International Cooperation.

She expressed satisfaction over cooperation between Egypt and the Bank, noting that the Bank is financing a development project in Upper Egypt worth 500 million dollars along with another low-cost housing project worth 550 million dollars.

The Bank is also financing a sewage drainage project worth 500 million dollars, she said, adding that another social protection project is financed by the Bank to the value of 400 million dollars.

For her part, Georgieva lauded the Egyptian economic reform experiment, asserting the Bank's keenness on increasing its support for Egypt in the sector of infrastructure.

Nasr extended an invitation to Georgieva to visit Egypt to attend a conference on investment and sustainable development in Sharm el Sheikh on December 9.

The event is organized by the ministry of investment in cooperation with the COMESA.