The World Bank (WB) has agreed on a new financing deal of three billion U.S. dollars with Egypt, Egyptian Investment Ministry said in a statement on Tuesday.
The deal came in light of the WB's trust in the economic reform measures in Egypt and the bank's keenness to continue support for Egypt in implementing its current social and economic reform, Minister of Investment Sahar Nasr said.
Egypt secured a loan of similar size in 2016 from the WB.
WB Chief Executive Officer Kristalina Georgieva voiced support for the Egyptian efforts in the process of the economic and social transaction and for the government's steps in luring foreign investments.
She stressed the bank gives priority for some sectors like developing the Sinai Peninsula and the infrastructure, transportation and agricultural projects.
In 2016, Egypt has started a strict three-year economic reform program based on austerity measures including fuel and energy subsidy cuts and tax hikes, after several years of instability due to the turmoil that caused an economic recession.
The liberalization of the Egyptian pound's exchange rate encouraged the International Monetary Fund to support Egypt's economic reform plan with a 12-billion-dollar loan, two-thirds of which has been delivered to the North African country.