WASHINGTON (SPUTNIK) — The aid is expected to support reforms program across key economic areas in the country.
“The World Bank's Board of Executive Directors today approved US $1 billion in a development policy finance operation for Egypt to support the Government’s economic reforms program across key economic areas,” the release said Tuesday. “This is the Second Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing (DPF).”
The World Bank finances programs to decrease poverty and boost shared prosperity in Egypt through investments in energy, transport, water and sanitation, and other sectors, the release added.
World Bank’s current portfolio in Egypt includes 25 projects for a total of about $8.5 billion, the release stated.