World Bank grants Egypt $2 billion

As a part of the Partnership for Development Programme, the World Bank (WB) offered the Ministry of International Cooperation $2 billion in grants and loans to be allocated in a number of development projects.

Minister State of Planning and International Cooperation, Fayza Abul-Naga, revealed that around $880 million of the overall sum will be directed to power projects including financing the Giza Power station and connecting the Gulf of Suez wind energy station to the main electrical grid.

A $247 million grant by the WB's institutional Support Fund will be allocated to the ministry employees dealing with international and regional organisations and financial institutions.

The 250km-long railway line linking Beni Sweif and Assiut governorates will be modernised by a part of the fund, $330 million, while the remaining $100 million will be used to modernise the irrigation system in the Wadi Al-Gedid region.
According to Abul-Naga, there will be further negotiations with the bank for a $400 million loan to finance the second stage of the North Giza power station, and $585 million to finance the South Helwan power station.