WB Offers Egypt $500m Loan

A new $500 million World Bank loan will help create jobs in Upper Egypt by enhancing the business climate and improving infrastructure and the delivery of services, TradeArabia reported. The Upper Egypt Local Development Program, approved by the World Bank Group’s Board of Directors Friday, will focus on two lagging regions, Qena and Sohag, which are amongst the poorest in the country but have a large unrealized growth potential. Private sector coordination and investment, as well as local governance, will be improved, and a participatory approach that engages citizens at all levels will be followed.