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World Bank to provide support to Egypt

Egyptian Minister of International Cooperation Rania Al-Mashat said on Monday that the World Bank Group (WBG) will offer a financing package for the Egyptian economy worth 6 billion U.S. dollars for the next three years.

In a statement, the Egyptian minister said the WBG intends to provide 3 billion dollars to support the economic reform program implemented by the Egyptian government, and 3 billion dollars to empower the private sector, including mobilizing the necessary resources and funds for investments.

Al-Mashat noted that the WBG financing package is within the framework of the bank’s commitment to the long-term strategic partnership with Egypt, and to support the measures the country is taking for its economic recovery and restoring a sustainable path for inclusive growth, according to the statement.

The announcement came a day after the European Union pledged around 8 billion dollars in aid, loans and grants to Egypt.

Those funds followed an 8-billion-dollar International Monetary Fund program after Egypt hiked its interest rate and allowed its currency to float freely.

Famagusta Gazette