World Bank to vote today on raising Egypt portfolio

GMT 16:09 2015 Thursday ,17 December

Arab Today, arab today World Bank to vote today on raising Egypt portfolio

World bank
Cairo - MENA

The World Bank board will vote today for increasing its portfolio in Egypt from $5 billion to $6 billion, International Cooperation Minister Sahar Nasr said.

Egypt uses part of the funds to support its budget and carry out development projects, Nasr said on the sidelines of a workshop on the partnership strategy between Egypt and the African Development Bank (AfDB).

The AfDB offered a soft loan to Egypt worth $500 million under a comprehensive program for economic development and state budget support, she said.

The move is a great message of confidence in the government's economic and social program and proves that the Egyptian economy is steadily stepping towards comprehensive development, she said.

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