World Bank offers $3.2 bln to finance 18 development projects

Daily News Egypt
1 Min Read

The current portfolio of cooperation between Egypt and the World Bank comprises 18 development projects, financed through loans at a total $3.209 billion, in addition to 10 grants worth $66.200 million, according to Minister of International Cooperation Fayza Aboul Naga.

“The ministry is keen on varying this portfolio of cooperation with the World Bank, covering the sectors of electricity, new and renewable energy, financial reform, agriculture, health, education, trade, environment, housing, irrigation, transport and infrastructure,” said Aboul Naga.

She pointed out that the World Bank has classified Egypt as a safe indebted nation as its foreign debts reached 17 percent of the gross domestic product (GDP) in 2009.

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