Egypt to receive USD1b from World Bank in 2015
(MENAFN) The World Bank is about to approve a USD1 billion loan for Egypt before the end of this year, let alone it has also agreed to increase Egypt's portfolio from USD5.5 billion to USD6 billion, based on reports.
Accordingly, a USD3 billion out of the USD6 billion are presently under negotiation for supporting the nation's budget, with the rest being set up for investment loans based on national projects like industrial zones.
A 1.5m acres service project in Egypt's Western Desert was given the main priority which will aim at creating an integrated community that provides service activities and villages to attract residents and alleviate poverty.
Additionally, the huge project will also include agricultural urban societies as well as agricultural industrialization zones, and it's worth mentioning that tests have been made on the land to ensure the availability of ground water.
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