The World Bank approves a $7 billion loan to support Egypt's reforms.

(Reuters)

[Financial Channel/Comprehensive Report] The World Bank said on Wednesday it approved a $7 billion loan to support Egypt's push to empower the private sector and step up efforts to combat the effects of climate change.

The loan, approved by the World Bank's executive board on Tuesday, is separate from the IMF bailout that Egypt received in December.

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The World Bank said in a statement that the funds will be delivered over the next five years and will help Egypt create more and better private sector jobs and will also improve Egypt's health and education services and social protection programs.

Over the past seven years, Egypt has received many loans from international financial institutions as it embarked on a series of reforms and dealt with the impact of the new coronavirus pandemic and Russia's invasion of Ukraine.

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