The World Bank on Tuesday (December 5th) approved the latest loan for Egypt of just over $1 billion to support the country's economic reform programme and reduce poverty, AFP reported.
The loan is the last in a three-part package worth a total of $3.15 billion that started in 2015, the World Bank said in a statement.
The loan will support "home-grown inclusive reforms" aimed at shoring up the economy and creating jobs, the bank said.
"We are privileged to support the country on its path to achieving its full potential and improving living standards for all Egyptians," senior World Bank official Asad Alam said.
The African Development Bank is providing parallel financing of $500 million and Britain added $150 million.
The World Bank praised the country as a model on how to maximize finance for development, including "mobilising $17 billion of private investment in the energy sector".
The bank focuses on projects to help Egypt reduce poverty, including social safety nets, transport, rural water and sanitation, agriculture and irrigation, housing, health care and financing for micro and small enterprises. It has a portfolio of 19 projects in the country with a total commitment of $7.8 billion.
