{"id":556556,"date":"2021-10-31T04:00:34","date_gmt":"2021-10-31T04:00:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/world-bank-okays-usd-360-mn-loan-for-egypts-post-covid-recovery\/"},"modified":"2021-10-31T04:00:34","modified_gmt":"2021-10-31T04:00:34","slug":"world-bank-okays-usd-360-mn-loan-for-egypts-post-covid-recovery","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/world-bank-okays-usd-360-mn-loan-for-egypts-post-covid-recovery\/","title":{"rendered":"World Bank okays USD 360 mn loan for Egypt\u2019s post-covid recovery"},"content":{"rendered":"

<\/a> We\u2019re getting a fresh USD 360 mn World Bank loan: <\/strong>The World Bank has approved a USD 360 mn facility to support the Egyptian economy as it recovers from the covid pandemic, the global lender said in a statement<\/a>(pdf)<\/a> on Thursday. The development policy financing (DPF) loan will be used to support the private sector, increase transparency at state-owned enterprises and promote female participation in the workforce.<\/p>\n

The project is geared towards bolstering the second phase of Egypt\u2019s economic reform program<\/strong>, which focuses on structural changes, the lender said. The government said earlier this year<\/a> that it would embark on a three-year reform program that would prioritize private sector-led growth and target specific sectors for development.<\/p>\n

The funding announcement comes on the heels of the World Bank <\/strong>upgrading its post-covid growth outlook<\/a><\/strong> for Egypt.<\/strong> Egypt\u2019s economy is expected to grow 5.0% in FY2021-2022, up from the 3.3% in FY2020-2021, the bank\u2019s October 2021 MENA economic update reads. The forecast is an upward revision from its April economic update<\/a>, when it said Egypt\u2019s GDP would grow at a 4.5% clip during the current fiscal year.<\/p>\n

And there might be more funding coming our way: <\/strong>The Asian Infrastructure Investment Bank (AIIB) \u201cis considering\u201d parallel financing of the same amount, the World Bank statement reads, without providing further details on what the financing depends on or what the approval timeline may look like.<\/p>\n

IN OTHER FINANCE NEWS-<\/strong><\/p>\n

NBE to get USD 200 mn to on-lend to infrastructure projects:<\/strong> The AIIB and the OPEC Fund have lent USD 200 mn to the National Bank of Egypt (NBE) to channel into infrastructure projects, the lenders said in separate statements (here<\/a> and here<\/a>) on Thursday. The AIIB will contribute USD 150 mn and the OPEC Fund for International Development will provide the remaining USD 50 mn.<\/p>\n

Where\u2019s the money going?<\/strong> The facility will be used to on-lend to the private sector in several priority industries, including education, energy, health and transportation, OPEC said. The state-owned bank will also channel finance to SMEs, the statement added.<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019re getting a fresh USD 360 mn World Bank loan: The World Bank has approved a USD 360 mn facility to support the Egyptian economy as it recovers from the covid pandemic, the global lender said in a statement(pdf) on Thursday. The development policy financing (DPF) loan will be used to support the private sector, […]<\/p>\n","protected":false},"author":1,"featured_media":556557,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7576],"tags":[2399,101,2415,72,7111,248,128,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-finance","tag-asian-infrastructure-investment-bank","tag-development-finance","tag-economic-reform-program","tag-enterpriseam","tag-infrastructure","tag-national-bank-of-egypt","tag-opec","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"f884fc7b-c86b-4af4-80f7-385a02aaa39e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/324.jpg","photo_position":"above","related_issue":[556546],"teaser":"","voice_url":""},"yoast_head":"\nWorld Bank okays USD 360 mn loan for Egypt\u2019s post-covid recovery - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/world-bank-okays-usd-360-mn-loan-for-egypts-post-covid-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank okays USD 360 mn loan for Egypt\u2019s post-covid recovery\" \/>\n<meta property=\"og:description\" content=\"We\u2019re getting a fresh USD 360 mn World Bank loan: The World Bank has approved a USD 360 mn facility to support the Egyptian economy as it recovers from the covid pandemic, the global lender said in a statement(pdf) on Thursday. 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We have completed\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542996,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/30\/were-getting-a-fresh-usd-368-mn-loan-from-the-amf\/","url_meta":{"origin":556556,"position":2},"title":"We\u2019re getting a fresh USD 368 mn loan from the AMF","author":"enterpriseam admin","date":"30 January 2022","format":false,"excerpt":"Egypt will receive a USD 368 mn loan from the Arab Monetary Fund (AMF) to help strengthen its financial position and meet \u201cemergency needs\u201d amid challenges caused by the ongoing pandemic, the fund announced in a statement yesterday. The loan agreement, which was signed last Wednesday, comes as part of\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/359.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578358,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/egypt-secures-usd-500-mn-from-the-world-bank-to-support-takaful-and-karama\/","url_meta":{"origin":556556,"position":3},"title":"Egypt secures USD 500 mn from the World Bank to support Takaful and Karama","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"Egypt\u2019s Takaful and Karama program gets a boost: The World Bank has agreed to a USD 500 mn loan in development financing to expand and strengthen the Takaful and Karama program amid soaring food and energy inflation, according to an International Cooperation Ministry statement and a WB statement(pdf). This is\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/519.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596637,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/world-bank-approves-usd-500-mn-loan-to-support-egypts-cash-subsidy-programs\/","url_meta":{"origin":556556,"position":4},"title":"World Bank approves USD 500 mn loan to support Egypt\u2019s cash-subsidy programs","author":"enterpriseam admin","date":"3 July 2019","format":false,"excerpt":"World Bank approves USD 500 mn loan to support Egypt\u2019s cash-subsidy programs: The World Bank\u2019s board of directors has approved the USD 500 mn facility offered last year to extend for three years a program to support Egypt\u2019s social safety net, according to an Investment Ministry statement (pdf). The proceeds\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548381,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/07\/nbk-egypt-could-be-getting-up-to-usd-40-mn-from-ebrd-to-lend-to-small-busineses\/","url_meta":{"origin":556556,"position":5},"title":"NBK Egypt could be getting up to USD 40 mn from EBRD to lend to small busineses","author":"enterpriseam admin","date":"7 August 2022","format":false,"excerpt":"Another EBRD loan to NBK Egypt? The European Bank of Reconstruction and Development (EBRD) is considering providing a USD 40 mn senior unsecured loan to the National Bank of Kuwait Egypt (NBK Egypt) for on-lending to micro, small and medium-sized businesses, according to the lender\u2019s website.A senior loan? A senior\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/160.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556556"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556556\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556546"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556557"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556556"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556556"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}