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World Bank approves $1Bln Loan to support Egypt’s job creation

Other News Materials 21 December 2016 06:09 (UTC +04:00)
The World Bank approved $1 billion to support Egypt’s job creation and inclusive growth, the institution said in a press release
World Bank approves $1Bln Loan to support Egypt’s job creation

The World Bank approved $1 billion to support Egypt’s job creation and inclusive growth, the institution said in a press release, Sputnik reported.

The aid is expected to support reforms program across key economic areas in the country.

“The World Bank's Board of Executive Directors today approved US $1 billion in a development policy finance operation for Egypt to support the Government’s economic reforms program across key economic areas,” the release said Tuesday. “This is the Second Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing (DPF).”

The release further stated that the DPF supports the country’s inclusive economic reform program, focusing on efforts to create jobs, spur growth, and attract new investment, adding that this would be achieved through supporting energy security, efficiency, and investment.

The World Bank finances programs to decrease poverty and boost shared prosperity in Egypt through investments in energy, transport, water and sanitation, and other sectors, the release added.

World Bank’s current portfolio in Egypt includes 25 projects for a total of about $8.5 billion, the release stated.

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