The World Bank (WB) announced that it released $1b to Egypt as the second tranche of its $3b loan agreement signed with the Arab country in December 2015, reported Al Borsa.

The Minister of Investment and International Cooperation, Sahar Nasr, stated she held a meeting at cabinet headquarters with a WB mission from Washington, which is currently visiting Egypt to negotiate the third $1b tranche, reported Al Mal News.

The fund was approved to support the government’s economic reform program. Hence, the WB mission is visiting Egypt in order to check the reforms being taken by the country to boost investment climate, as well as to acknowledge the necessary steps taken by the government in areas on which the Doing Business report is measured.

Nasr explained that Egypt is adapting the economic reforms in order to improve the business environment and investment climate. It further targets boosting Egypt’s ranking on the Ding Business report and classifying it among the emerging economies.