Int'l Cooperation min.: Cabinet approves World Bank, African Development Bank loans

International Cooperation Minister Sahar Nassr said that the cabinet approved on Sunday two bills concerning the World Bank and African Development Bank loans.

In a press conference after the cabinet’s meeting, the minister added that the bills deal with the second batch of the World Bank loan at EGP one billion and African Development Bank loan at EGP 500 million.

The loans aim to support the government economic and social program including the funding of social housing and sewage projects and small- and medium-sized enterprises in all governorates, Madbouli said.

The bills will be raised to the parliament for approval, the minister further said.

Madbouli asserted that the loans will help in reaching comprehensive and sustainable development, serving citizens and encouraging investing in infrastructure and establishment of industrial zones.