Cairo – Mubasher: Egypt will receive $3 billion in financing from the World Bank in the coming months, Egyptian investment minister and international cooperation Sahar Nasr said on Tuesday.
This came on the sidelines of the minister’s meeting with the Washington-based lender’s CEO Kristalina Georgieva during the International Monetary Fund (IMF)-World Bank annual meetings in Bali, Nasr highlighted in a statement.
The new financing comes within the World Bank's confidence in Egypt’s economic reform and its willingness to maintain supporting the North African nation to implement the economic and social reform programme, she added.
For her part, Georgieva said that the World Bank is keen on bolstering the Egyptian efforts in the economic and social reform to help the government attract foreign investments.
She stressed that the bank was keen to develop vital sectors, particularly the development of Sinai with $1 billion, in addition to supporting infrastructure, transport and agriculture projects, and its ongoing economic reform programme.
In mid-July, Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA) started talks with the World Bank over getting new financing tranches worth up to $300 million.
The negotiations presided over by investment and international cooperation minister Sahar Nasr, have reached an advanced stage, local newspaper Youm7 reported.
The minister noted that the World Bank requested fresh products to finance them, such as financial leasing.
