World Bank approves $150 million loan to Egypt
Official reports state that the World Bank recently approved $150 million in loans to Egypt to be provided within the next three years. The possible beneficiaries of the grant will later be discussed in a meeting in Washington.
Kamel Amr, the Executive Director of the Word Bank, stated that first priority should be given to Egypt’s education and health sectors—specifically to new graduates of Internet technology training programs.
Furthermore, the bank has already discussed the proposed passage of a new mortgage law that might have a positive effect on the country’s slumping construction sector, as well as the issuance of Egyptian bonds in leading world markets.
In addition, they expressed support of the significant economic progress Egypt has achieved in the past few years, including a stable inflation rate and the improvement of the country’s trade balance deficit. —(MENA Report)
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