Solidarity Ministry to receive World Bank loan tranche for employment initiative next month

The Finance Ministry could disburse EGP 800-900 mn from a recently agreed USD 500 mn World Bank loan to the Social Solidarity Ministry for its employment initiative in October, sources told the local press. The World Bank in July agreed to give Egypt an additional USD 500 mn facility on top of an initial USD 400 mn loan granted in 2015 to support the Takaful and Karama cash subsidy programs. A source previously told the local press that disbursements wouldn’t begin until FY2020-2021.