Cairo – Mubasher: The World Bank is planning to release the second tranche worth $1 billion as part of a loan allocated to Egypt in a few days, a World Bank official said.
Speaking on the sidelines of the Upper Egypt Local Development Programme, Asad Alam, country director for Egypt, Yemen, and Djibouti, said that the World Bank will continue working on providing the second tranche of a $3 billion loan allocated to supporting the most populous Arab country's general budget.
In December 2016, the World Bank's board of executive directors approved a second tranche worth $1 billion to Egypt, as part of a loan agreement totalling $3 billion to be delivered to the country over a three-year period.
The World Bank previously approved a $500 million financing deal to bolster the business atmosphere and support infrastructure development and service provision in Upper Egypt.
