Egypt, World Bank sign $300mn infrastructure upgrade deal

Egypt signed on Saturday a $300 million agreement with the World Bank to back infrastructure projects through the Sustainable Rural Sanitation Services program.

The agreement was inked by the Egyptian Minister of Investment Sahar Nasr and World Bank Group Vice President for Middle East and North Africa Ferid Belhaj, on the sidelines of the annual meetings of the World Bank and the International Monetary Fund, in Bali, Indonesia.

The deal falls under the framework of the government's efforts to improve infrastructure in rural areas in the most-needy governorates, such as Sharqiya, Dakahlia, Damietta, Gharbiya and Menoufiya, in addition to enhancing social protection networks for 892,000 citizens of the poor and limited-income brackets.

Nasr said that about 818,000 citizens have already benefited from the project's first phase.

The original $550 million program was launched in 2015 in support of the government’s National Rural Sanitation program.

Nasr underscored that investments in quality of life and infrastructure projects tops the government's priorities.

Belhaj said that the bank's decision to invest in Egypt comes as a result of the reforms that Cairo has implemented, with the aim of achieving a comprehensive leap in healthcare and education services, as well as improving social protection programs.