WB plans to loan Egypt 1.5 billion dollars

The World Bank plans to give Egypt soft loans of 1.5 billion dollars over the next three years, for development in various areas, including health and education, the government daily Al-Akhbar reported Friday.

During a meeting Thursday with Egyptian Prime Minister Atef Ebeid, World Bank vice-president Jean-Louis Sarbib told him that "the bank will grant soft loans of 1.5 billion dollars over the next three years for the development of rural areas, for health, education, training and information technology."

The World Bank official said that the bank "envisages an association agreement with Egypt and the World Bank in the field of infrastructure," which would also cover "the increase of Egyptian exports to various countries around the world."

A meeting of Egypt's donor countries and institutions is planned on October 29 and 30 in the Red Sea resort of Sharm-el-Sheikh, under the auspices of the World Bank.