World Bank announces providing Egypt with $700 million in financing

The World Bank on Monday announced providing $700 million in financing to support Egypt's budget within a three-year program totaling $6 billion, which the Bank had previously announced earlier this year amid an unexpected influx of foreign financing to the debt-laden country.

The World Bank stated in a release that the financing aims to support development policies to assist the Egyptian government in efforts to increase private sector participation, enhance overall economic and fiscal resilience, and achieve environmentally sustainable growth.

Reuters