Egypt Accepts US$2 Billion from World Bank

The Ministry of International Cooperation has accepted US$2 billion in grants and loans from the World Bank under the Partnership for Development program.

Minister for Planning and International Cooperation Fayza Abouelnaga has signed an agreement for a grant of US$247 million for ministry employees dealing with international and regional organizations and financial institutions. The grant comes from the World Bank’s Institutional Support Fund.

The minister will also sign an agreement for a US$330 million loan from the bank, in order to modernize the 250 km railway line between Beni Suef and Assiut, in addition to another US$100 million loan for modernizing a 200,000-acre irrigation system in the New Valley region.

The World Bank will also give Egypt a loan of US$600 million to finance the North Giza power station, and another two totaling US$219.75 million to connect the Gulf of Suez wind energy station to the main electrical grid.

The minister will further negotiate with the bank for a loan of US$400 million to finance the second stage of the North Giza power station, and US$585 million to finance the South Helwan power station.