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Egypt Asks the World Bank for Another $400 Million to Finance Development Projects

On Tuesday, Egypt's Minister of International Cooperation announced that he has requested another $400 million from the World Bank to finance for labour-intensive projects.

Egypt continues its mission to ask for dollars from the international community as the Minister of International Cooperation, Sahar Nasr, announced on Tuesday that Egypt’s government is seeking $400 million from the World Bank to finance labour-intensive projects.

If approved Egypt plans to earmark 50 percent of the loan to focus on financing micro and small-sized enterprises. On Monday, Egypt’s parliament approved implementing this program in Upper Egypt starting with Qena and Sohag governorates due to their population size, poverty rates, and economic capacity.

This is not the first time Egypt has approached the World Bank for a loan for a similar program, receiving $1 billion in December, as part of a $3 billion loan package to support economic reforms. According to the ministry, Egypt’s latest request took place during a recent meeting between Nasr and World Bank Director for Egypt, Yemen and Djibouti, Asad Alam.