CAIRO, Dec 8 (Reuters) - Egypt said it signed an agreement for a $1.15 billion development policy loan from the World Bank on Friday, state news agency MENA reported.
The loan to support Egypt’s economic reforms is the last in a series of three annual loans from the World Bank totalling $3.15 billion issued from 2015 to 2017.
The World Bank approved the loan on Tuesday.
The $1.15 billion loan, which supports Egyptian economic reforms aimed at creating jobs, ensuring energy security, strengthening public finances and enhancing business competitiveness, includes financing contributions of $500 million from the World Bank Group, $500 million from the African Development Bank and $150 million from Britain.
Reporting by Omar Fahmy, writing by John Davison, editing by Larry King