December 5, 2017 / 7:05 PM / 11 days ago

World Bank approves $1.15 billion development policy loan for Egypt

WASHINGTON (Reuters) - The World Bank Group said its executive board approved on Tuesday a $1.15 billion development policy loan for Egypt to support the country’s economic reform programs.

The loan is the last in a series of three annual loans totaling $3.15 billion issued from 2015 to 2017, the World Bank said in a statement.

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 David LawderEditing by Marguerita Choy

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