Egypt Receives First Tranche of $3 Billion World Bank Loan
- Lender transferred $1 billion, minister says in statement
- Government to use money to finance projects for job creation
Cairo, Egypt
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Egypt received the first $1 billion tranche of a three-year, $3 billion loan from the World Bank to fund government plans to boost growth.
The money will be used to “create jobs and improve citizens’ living standards,” Egypt’s Minister of International Cooperation Sahar Nasr said in an e-mailed statement on Friday. The government is already working on finalizing the second tranche from the World Bank, as well as from the African Development Bank, the minister said.