CAIRO, Mac 19 (NNN-MENA) – Egyptian Minister of International Cooperation, Rania Al-Mashat, said yesterday that, the World Bank Group (WBG) will offer a financing package for the Egyptian economy, worth six billion U.S. dollars for the next three years.
In a statement, the Egyptian minister said, the WBG intends to provide three billion dollars to support the economic reform programme, implemented by the Egyptian government, and three billion dollars 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 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 eight billion dollars in aid, loans and grants to Egypt.
Those funds followed an eight-billion-dollar International Monetary Fund programme, after Egypt hiked its interest rate and allowed its currency to float freely.– NNN-MENA
