World Bank to vote today on raising Egypt portfolio

The World Bank board will vote today for increasing its portfolio in Egypt from $5 billion to $6 billion, International Cooperation Minister Sahar Nasr said.

Egypt uses part of the funds to support its budget and carry out development projects, Nasr said on the sidelines of a workshop on the partnership strategy between Egypt and the African Development Bank (AfDB).

The AfDB offered a soft loan to Egypt worth $500 million under a comprehensive program for economic development and state budget support, she said.

The move is a great message of confidence in the government's economic and social program and proves that the Egyptian economy is steadily stepping towards comprehensive development, she said.