The World Bank Group on 8 May approved a $1bn concessional financing package for Egypt under the second phase of its ‘Generating Resilience, Opportunities, and Welfare for a Thriving Egypt II’ (Growth II) program.
The package includes $800mn in financing from the World Bank and a $200mn credit guarantee from the government of the United Kingdom. World Bank Egypt director Stéphane Guimbert said the financing amount had been increased from an initially planned $500mn “given the uncertainty in the region and the shock facing Egypt like other countries.” (CONTINUED - 256 WORDS)