The Minister of Investment and International Cooperation Dr. Sahar Nasr emphasized that the World Bank (WB) delivered today the second tranche worth USD 1 billion, under the USD 3 billion funds provided to support the government's economic and social program.
The second tranche, stated the Minister, would contribute to stimulating the private sector investments and supporting development projects, which would, in turn, provide job opportunities and enhance sustainable growth. The second tranche, according to Dr. Nasr, would support the government's social safety program to help the most vulnerable groups through income-generating projects.
The WB's delivery of the second tranche indicated that the Egyptian economy was on a steady path towards the achievement of comprehensive development, said Dr. Nasr, noting that such funds came within the framework of Egypt's portfolio in the WB worth USD 8 billion, including USD 6 billion for the government and USD 2 billion for the private sector. The delivery, added Dr. Nasr, also came within the framework of the 2015- 2019 strategic partnership between Egypt and the WB, noting that during such period the International Bank of Reconstruction and Development (IBRD) would provide funds worth approximately USD 6 billion.
The Minister mentioned that the USD 1 billion tranche would contribute to enhancing SMEs and providing services to citizens, which would, in turn, improve standards of living.
For his part, Mr. Asad Allam, WB Country Director for Egypt, Yemen and Djibouti, said that the Egyptian government took significant steps relating the implementation of political and institutional reforms that lay the foundations of accelerating the provision of job opportunities and the achievement of inclusive growth for all social groups.