Cairo – Mubasher: Egypt on Friday signed an agreement at a value of $1.15 billion with the World Bank to support the current economic reforms.
The current economic reforms in Egypt helped to achieve stability, to attract private investments at a value of $17 billion in the energy sector that enable Egypt to raise expenses’ provision on social security programmes, said Egypt’s Ministery of Investment and International Cooperation.
This loan is considered the third and final tranche of the Bank’s loan to Egypt, and it is a part of three annual loans at a value of $3.15 billion.
The Bank’s loans to Egypt were allocated for development, develop sustainable energy, and increase competiveness.
On 5 December, World Bank’s executive directors approved this loan for Egypt.
This loan’s maturity is 35-year period, with a grace period of five years, and the interest on the loan is variable at about 1% above the interest ratio between banks in London.
The World Bank’s portfolio is currently including 19 projects with total loans of $7.8 billion.
