CAIRO: Egyptian Minister of International Cooperation Rania Al-Mashat said on Monday that the World Bank Group (WBG) will offer a financing package fo...
: Egyptian Minister of International Cooperation Rania Al-Mashat said on Monday that the World Bank Group will offer a financing package for the Egyptian economy worth US$6 billion for the next three years, reported Xinhua.
In a statement, the Egyptian minister said the WBG intends to provide US$3 billion to support the economic reform programme implemented by the Egyptian government, and US$3 billion to empower the private sector, including mobilising 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 US$8 billion in aid, loans and grants to Egypt. Those funds followed an 8-billion-dollar International Monetary Fund programme after Egypt hiked its interest rate and allowed its currency to float freely. - Bernama-XINHUA‘Personalised plan needed to help students master 3M’ - PAGE