Egypt to obtain first segment of USD 500 mn World Bank loan next fiscal year

Takaful and Karama will receive first payment of USD 500 mn World Bank loan next fiscal year: The Social Solidarity Ministry will start receiving payments from the USD 500 mn World Bank loan for the Takaful and Karama social welfare programs in three tranches over three years, starting from FY2020-2021, according to Al Mal. The first worth USD 200 mn will arrive in FY2020-21, the second and third tranches, worth USD 150 mn and USD 150 mn respectively, will be doled out in the subsequent fiscal years. The loan agreement was signed last Wednesday between Investment Minister Sahar Nasr and World Bank director in Egypt Marina Weis.