Egypt to fund development plan through $500 million World Bank loan facility
The Egyptian government has finalized modalities required to allow it access a $500 million World Bank loan facility geared towards what the government says will be domestic development program for Upper Egypt.
The program to first be rolled out in Sohag and Qina governorates hopes to achieve economic growth, the development of private sector investments to provide more work opportunities, and a foundation for infrastructure support.
The program also seeks to expand on industries that are unique to Upper Egypt, including nutritional and furniture production industries.
The Minister of International Cooperation Sahar Nasr had signed the preliminary paperwork for the Upper Egypt development program at the beginning of this month.
Egypt's ministries of international cooperation, trade and industry, and local development will cooperation and coordinate in conjunction with officials in the targeted governorates, to implement the program.
The Regional Director of the World Bank, Asad Alam, had announced at the end of last year that the bank, along with the International Finance Corporation, will support Egypt with eight billion dollars to make fundamental changes.
