The World Bank has agreed to award Egypt with a $400 million grant, according to Al-Ahram daily.
The grant will fund various development projects related to Egypt’s education sector and infrastructure. Monies will be provided in installments over the next three years.
Vice president of the bank’s private and infrastructure sectors in Egypt, Niemat Shafeek, stated that Egypt’s economy is stronger than presently perceived, and will have no problem overcoming its current economic slowdown.
Earlier this month, the World Bank granted Egypt a $150 million loan to be allocated to the nation’s education and health sectors, and specifically to programs which would train citizens in computer science and Internet Technology. –(MENA Report)
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