Minister of Investment and International Cooperation Sahar Nasr is holding discussions with the Regional Director of the World Bank, Asad Alam, to look into the arrangements to take place for a World Bank delegation’s visit to Egypt, from Sunday 20 August until 24 August. The visit aims to discuss the procedures for Egypt to obtain the third and last portion, worth $1bn, of the $3bn World Bank loan.
Egypt has already obtained two separate portions of the loan, which were worth a total of $2bn out of the $3bn total value of the bank’s loan. This loan aims to support Egypt’s economic and social programme for a period of three years.
Another visit is expected to take place in September, following the visit in August, to discuss Upper Egypt development projects and ways to enhance the investment environment.
Nasr’s meeting with Alam also included discussing the necessary cooperation in the field of investment policies and supporting the private sector in economic and social development in Egypt.
The Egyptian government received the first portion of the loan, worth $1bn, in September 2016, and the second portion, worth $1bn, in March 2017.
Egypt has entered into negotiations with a number of international lending institutions to counter its economic burdens and speed up its economic recovery process, where it was able to reach an agreement with the International Monetary Fund (IMF) to borrow a loan worth $12bn.