World Bank to loan Cairo $500 mn to develop industrial zones in Upper Egypt

Ahram Online , Thursday 21 Jan 2016

Jim Yong Kim
File Photo: World Bank Group President Jim Yong Kim

The World Bank will finance the development of the infrastructure for the industrial zones in Upper Egypt governorates of Qena and Sohag, Industry and Foreign trade Minister Tarek Kabil said in a statement on Thursday.

Qena and sohag are two of the poorest governorates in Egypt, where urban unemployment is higher than the national average, which stood at 12.8 percent in the third quarter of 2015, according to state's statistics body CAPMAS.

The World Bank has approved in December expanding Egypt's portfolio with its subsidiary the International Bank for Reconstruction and Development (IBRD) to $6 billion from $5 billion over the five years fro 2015 to 2019.

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