Egypt – ripe for investments
13 August 2010
The World Bank has just granted loans amounting to 3.2 billion Dollars and ten subsidies in the sum of 60.2 million Dollars to Egypt.
The funds are intended for the financing of 18 projects in the sectors of electricity, food agriculture, health, the environment, irrigation, transport, and infrastructures.
The announcement was made on 10 August 2010 by Fayza Abul-Naga, Egyptian Minister of International Co-operation.
“The Minister is keen to establish variety in his co-operation portfolio with the World Bank”, according to an Egyptian government press release.
On 9 August last another loan of 2.6 billion Dollars was announced in favour of the undertaking Egyptian Refining, in order to participate in the financing of a petroleum refinery in an amount of 3.7 billion USD.
The funds derive from several institutions, the Korean Export Bank, the BEI, and the BAD, according to the Bloomberg agency. The refinery will allow for Egypt’s refining capacity to be doubled.