Egypt signed on Saturday a $300 million agreement with the World Bank to back infrastructure projects through the Sustainable Rural Sanitation Services program.
The agreement was inked by Egyptian Minister of Investment Sahar Nasr and World Bank Group Vice President for the Middle East and North Africa Ferid Belhaj on the sidelines of the annual meetings of the World Bank and the International Monetary Fund, in Bali, Indonesia.
The deal falls under the framework of the Egyptian government's efforts to improve infrastructure in rural areas in the most-needy governorates, in addition to enhancing social protection networks for 892,000 citizens of the poor and limited-income brackets.
Nasr said that about 818,000 citizens have already benefited from the first phase of the project, stressing that investments in quality of life and infrastructure projects are top priorities of the government.
Belhaj said that the World Bank's decision to invest in Egypt comes as a result of the reforms that Cairo has implemented, with the aim of achieving a comprehensive leap in healthcare and education services, as well as improving social protection programs.
The original $550 million program was launched in 2015 in support of the government's National Rural Sanitation program.
Source: International Islamic News Agency