243% increase in World Bank support to Egypt

(MENAFN- Daily News Egypt) The World Bank's package of loans which have been approved this year to Egypt amounted to $1.4bn, compared to $408m in 2014, an increase rate of 243%.

The World Bank is financing Egypt with five loans for developmental and services projects this year.

One project aims to assist Egypt in increasing household access to a reliable, lower cost, grid-connected natural gas supply. The project will be completed in June 2019, with a total cost of $500m.

Further, the Inclusive Housing Finance Programme aims at improving access to home ownership and rental units for low-income households in Egypt, also with a total cost of $500m.

Another project, with a total fund of $400m, aims at supporting the government's plan to provide income support and expand social inclusion to almost 1.5 million low-income Egyptian families with young children, elderly, and persons with severe disabilities. The project is expected to be completed in November 2019.

The Inclusive Regulations for Microfinance project aims at supporting small and medium-sized enterprises (SMEs) at the rate of 60% of the fund, and supporting the development of the financial sector with the rate of 40% of the fund. The project's total fund totalled $4.5m, and is expected to be completed in October 2018.

A comprehensive healthcare programme targets all Egyptian families over the next five years, with funding at $275m, awaiting the bank's board approval.

The Egyptian government is currently negotiating with the World Bank to receive a new loan of $300m to support healthcare in government hospitals. This is set to occur through the provision of medical equipment and the removal of defective drugs from government hospitals.

The World Bank's current portfolio consists of 26 projects with a total investment of $5.4bn in fiscal year (FY) 2015. Meanwhile, from 2011 to 2014, the World Bank's commitments amounted to $1.1bn, spread over 20 projects (of which $392m were from other parties).

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