World Bank approves USD 500 mn loan to support Egypt’s cash-subsidy programs: The World Bank’s board of directors has approved the USD 500 mn facility offered last year to extend for three years a program to support Egypt’s social safety net, according to an Investment Ministry statement (pdf). The proceeds will be used to expand the Takaful and Karama cash subsidy programs by offering employment and “economic empowerment” to members of families enrolled in the programs. We noted yesterday that the Finance Ministry set to wrap up the procedures of obtaining the loan by the end of the month.

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