The World Bank has disbursed another $1 billion in financial assistance to Egypt out of its $3 billion loan program with the country, the bank said in a statement on Monday.
“The government has taken important steps in implementing key policy and institutional reforms that are laying down the foundations for accelerated job creation and inclusive growth,” said Dr. Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti in the statement.
The World Bank issued the first $1 billion tranche of the loan in 2015, with two more installments of the same size to follow, linked to additional reforms that the government planned.
Hafez Ghanem, the World Bank’s vice president for the Middle East and North Africa, told Reuters this month that Cairo’s next set of economic reforms should focus on making its bureaucracy more transparent for investors.
Egypt expects to receive the second tranche of a $12 billion International Monetary Fund loan in May or June, Finance Minister Amr El-Garhy told Reuters last week.