Egypt is negotiating the third and final $1 billion tranche of a $3 billion World Bank loan to support a government economic reform programme, Minister of International Cooperation announced Wednesday.
The World Bank announced earlier on Monday that it had handed over the second $1 billion tranche to Egypt, with the funds intended for fiscal consolidation, ensuring energy supply, and enhancing competitiveness in the private sector.
Following the transfer of the funds, Minister of Investment and International Cooperation Sahar Nasr met in Cairo with a high-level World Bank mission that has been visiting Egypt since mid-March.
They discussed efforts to improve the business environment and advance Egypt’s ranking in the Doing Business Report, according to statement on the ministry’s website. The annual report examines regulations and regulatory processes involved in setting up and operating a business in different economies worldwide.
The current portfolio of the World Bank in Egypt includes 26 projects with a total commitment of $5.92 billion, according to the bank’s data.
