World Bank to provide $6B support to Egypt: minister

CAIRO -- Egyptian Minister of International Cooperation Rania Al-Mashat said on Monday that the World Bank Group (WBG) will offer a financing package for the Egyptian economy worth $6 billion for the next three years.

In a statement, the Egyptian minister said the WBG intends to provide $3 billion to support the economic reform program implemented by the Egyptian government, and $3 billion to empower the private sector, including mobilizing the necessary resources and funds for investments.

Al-Mashat noted that the WBG financing package is within the framework of the bank's commitment to the long-term strategic partnership with Egypt, and to support the measures the country is taking for its economic recovery and restoring a sustainable path for inclusive growth, according to the statement.

The announcement came a day after the European Union pledged around $8 billion in aid, loans and grants to Egypt.

Those funds followed an $8-billion International Monetary Fund program after Egypt hiked its interest rate and allowed its currency to float freely.