Egypt receives $1.5 billion from WB

Board of the World Bank (WB) approved yesterday its cooperation plan with Egypt and decided giving it loans worth $1500 million within the three next years.

Egyptian officials are expected to meet soon with their counterparts in Washington on the projects and sectors due to benefit from these loans.

The Board also discussed the memo drawn up by Mohammed Kamel Amr, Executive Director of the WB with regard to passing the real estate mortgage law and its impact on reviving the market of construction and the issuance of the Egyptian dollar bonds put for sale in the world markets.

Amr gives great priority to education and health sectors young graduates training and IT projects.

The board in its 3-hour session expressed support to the tangible progress in Egyptian economic indications including taming the rate of inflation and the trade balance deficit.