World Bank pumps $8bn into Egypt in 3 batches

The World Bank will pump eight billion dollars into Egypt in three tranches, the last of which will be released in 2019, in order to fund development policies, the regional WB director said on Sunday.

Th loan comes in the context of the WB Group’s Country Partnership Framework (CPF) for 2015-19, World Bank Country Director for Egypt, Yemen and Djibouti, who is based in Cairo Asad Alam said.

The first batch of the WB financial assistance to Egypt, which was delivered Friday, will contribute to offering solar energy and increasing Egypt's competitiveness ability through creating job opportunities and luring investments from private sector, Alam said.

Alam went on to say that partnership with the WB will help Egypt implement its national economic reform program in various vital sectors with a view to fighting poverty along with boosting prosperity and development in many principal sectors.

Such sectors include social safety nets, energy, transport, water and sanitation, agriculture and irrigation, housing, health, as well as employment, Alam noted.

On Friday, the Bank transferred one billion dollars to the Egyptian government.

The funds will be used for financing the Egyptian government's economic reform program.

The current portfolio of the World Bank in Egypt includes 24 projects with a total commitment of about US$ 7 billion.