Govt approves $500 million World Bank loan to 'develop Upper Egypt'

Thursday 01-09-2016 07:10 PM

Children head to school on a winter morning in the governorate of Assuit. (ASWAT MASRIYA/Ahmed Hamed)

CAIRO, Sept. 1 (Aswat Masriya) - Egypt's Cabinet of Ministers agreed on Thursday to finalize procedures for a $500 million World Bank loan allocated for a "domestic development program" for Upper Egypt.

The Cabinet said in a statement that the program will be implemented in the governorates of Sohag and Qina initially.

The program aims to achieve economic growth, the development of private sector investments to provide more work opportunities, and a foundation for infrastructure support. 

The program also seeks to expand on industries that are unique to Upper Egypt, including nutritional and furniture production industries.                 

The Minister of International Cooperation Sahar Nasr had signed the preliminary paperwork for the Upper Egypt development program at the beginning of this month.

Egypt's ministries of international cooperation, trade and industry, and local development will cooperation and coordinate in conjunction with officials in the targeted governorates, to implement the program.

The Regional Director of the World Bank, Asad Alam, had announced at the end of last year that the bank, along with the International Finance Corporation, will support Egypt with eight billion dollars to make fundamental changes.

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