World Bank approves $7 billion loan to support reforms in Egypt

By AP 22 March 2023, 4:34 pm

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The high-rise commercial building serving as the modern headquarters of Banque Misr (Bank of Egypt), in Cairo on February 9, 2023. (Amir MAKAR / AFP)

The World Bank says it approves a $7 billion loan to support Egypt’s push to empower the private sector and enhance its efforts to combat the impacts of climate change.

In a statement, the World Bank says funds will be delivered over the next five years and would help Egypt generate “more and better” private sector jobs. It will also improve Egypt’s health and education services and social protection programs, it said.

“We are proud to continue our strategic partnership with Egypt and we are committed to supporting ongoing efforts dedicated to improving the quality of life for Egyptians,” says Marina Wes, the bank’s country director for Egypt, Yemen and Djibouti.