World Bank Aid Pushes Global Egypt Bailout Over $50 Billion
- Lender’s financing split between government and private sector
- Authorities say private sector development key to growth
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The World Bank is set to provide Egypt with over $6 billion, boosting the global bailout for the North African nation’s struggling economy to more than $50 billion in the past few weeks.
The Washington-based institution said Monday the financing covers the coming three years, with half aimed at government support and the remainder to buoy a private sector seen as key to medium and long-term sustainable economic growth.