The World Bank is to provide the first $1b tranche of a $3b loan to Egypt after parliament approves the government’s economic program, World Bank Vice President, Hafez Ghanem, announced at a news conference, according to Amwal Al Ghad.
Parliament is expected to pass the program in April.
The lender had agreed to provide the first $1b in December but is waiting for the government’s economic program, which outlines the broad strokes of its reform plans, to be passed by the country’s legislative body, CNBC wrote.
The World Bank told Reuters in December that the first tranche was focused on “10 prior actions for policy and institutional reforms” already implemented. The second and third tranches are linked to additional reforms the government plans.