World Bank approves $1Bln in assistance to Egypt
The World Bank Group has authorized $1 billion in aid to Egypt to help the country implement economic reforms, according to a press release issued by the group, Sputnik reported.
"The Board also approved a US$1 billion in a development policy finance operation for Egypt to help the country carry out key economic reforms," the release said on Thursday.
The loan is the first in a series of three annual World Bank development finance loans to Egypt, according to the release.
"World Bank Group support to Egypt will focus on the country's urgent need to create more jobs, especially for the youth, improve quality and inclusiveness in service delivery, and promote more effective protection of the poor and the vulnerable," the bank's Country Director for Egypt, Yemen and Djibouti Asad Alam said in the release.
Egypt needs foreign aid since four years of political turmoil after the 2011 Arab Spring uprising against long-standing Egyptian leader Hosni Mubarak undermined the country's poor economic growth.