Last Update 22:46
Thursday, 24 October 2019

World Bank signs $500 million loan to create jobs in Upper Egypt

Ahram Online , Friday 7 Oct 2016
The World Bank
Share/Bookmark
Views: 2204
Share/Bookmark
Views: 2204

Egypt signed a $500 million loan deal with the World Bank to help create jobs and improve infrastructure in Upper Egypt, the Ministry of International Cooperation said.

The program - part of a total $8 billion the World Bank Group will provide to Egypt from 2015-2019 - is aimed at "raising the living standard of citizens in [Egyptian] governorates most in need," Minister Sahar Nasr said in a statement on Thursday.

The Upper Egypt Local Development Program will improve economic growth rates in Upper Egypt, create sustainable job opportunities, enhance the business climate and improve infrastructure and the delivery of services, the minister added.

The deal was signed during the annual meetings of the World Bank Group in Washington on Thursday.

The World Bank said last week that the program will focus on the two lagging regions of Qena and Sohag, which are among Egypt's poorest areas "but have a large unrealized growth potential."

"This operation is a key part of the World Bank’s strategic focus in Egypt to promote jobs, address spatial inequality, and improve governance in service delivery,” Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti, said last week.

The program will focus on facilitating and promoting private sector development in agribusiness, service, and industrial sectors with growth potential.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.