Nasr negotiates for 3rd tranche of World Bank’s loan
EGYPT TARGETS IMPLEMENTING REFORMS TO IMPROVE ITS RANK IN THE NEXT DOING BUSINESS REPORT, SAYS NASR
Minister of Investment and International Cooperation Sahar Nasr held a meeting with theWorld Bank’s delegation that is currently visiting Egypt to negotiate the third tranche—worth $1bn—of the bank’s $3bn loan.
According to a press statement issued on Wednesday, the delegation visit is to measure the progress and the reforms accomplished by the government to improve the investment climate and study the next steps in the sectors that provide information used in the Doing Business Report.
The minister stated that Egypt targets implementing reforms to improve the economy and investment climate to improve the rank in the next report, in order to consider Egypt as an emerging economy. Additionally, reforms are being implemented to enhance the private sector’s abilities to increase its investments in the market.
The meeting comes after Egypt has received the second tranche of the loan on 20 March, which means that Egypt is taking serious steps towards inclusive development, Nasr noted.
The minister explained that the loan is a part of finances provided to Egypt from its portfolio worth $8bn, adding that the money is allocated as $6bn for the government and $2bn for the private sector. The bank’s strategy is to provide $6bn to cover the time from 2015 to 2019.
She added that the ministry devised a plan to establish tangible accomplishments for the investors in order to attract more investments and improve the national economy in different sectors.