Egypt to finalize USD 500 mn World Bank cash subsidy loan by end-July

FinMin to finalize USD 500 mn World Bank cash subsidy support loan by the end of the month: The Finance Ministry is set to wrap up the procedures of obtaining a USD 500 mn loan offered by the World Bank last year to support the Takaful and Karama cash subsidy programs by the end of the month, Deputy Social Solidarity Minister Nevine El Kabbag said, according to Al Mal. The ministry will receive 10% of the loan to set up projects for families enrolled in said social welfare programs. The remaining proceeds will be used for yet-to-be-decided projects.