Egypt is struggling to draw back investors who fled last year when an uprising unseated the country's president, sparking political instability that is still continuing.

 

The loan from the World Bank's International Finance Corporation (IFC) would be used for existing operations and new projects, Orascom said.

 

"This investment fits with our strategy of boosting confidence in Egypt's private sector, a major contributor to employment," IFC Middle East and North Africa director Mouayed Makhlouf said in the statement.