Cairo – Mubasher: Egypt’s minister of investment and international cooperation on Wednesday said that the ministry was scheduled to convene with a World Bank (WB) delegation to discuss signing a $1 billion loan tranche.
Egypt has so far received $2 billion from the WB in two tranches, each worth $1 billion, Sahar Nasr revealed in a statement.
The WB has allocated a three-year funding scheme to support an economic and social programme at $3 billion.
Nasr’s statements came during a meeting with WB regional director for Egypt Assad Alem on Wednesday.
The WB delegation is set to arrive in Cairo on 20 August and stay until 24 August.
The delegation will also tackle developments pertaining to the Egyptian government’s development programme in Upper Egypt, developing education, and improving the investment climate, Nasr highlighted.
The Ministry of Investment and International Cooperation is currently working with the private sector to pump investments into Upper Egypt to develop the most underprivileged areas in accordance with the new regulations specified by the new investment law, the minister added.
