Aswat Masriya (Cairo)

Egypt: World Bank Approves U.S $300 Million Loan for Egypt - Minister

Cairo — The World Bank has approved a $300 million loan to Egypt to fund small projects and develop poor areas, Egyptian minister of industry and trade said on Sunday.

"This is the first loan from the World Bank after the June 30 protests," Mounir Fakhry Abdel Nour said in a statement, referring the 2012 mass protests that toppled Islamist President Mohamed Mursi.

Abdel Nour added that there are great chances of joint cooperation between Egypt and the World Bank in financing small and medium enterprises, especially in Upper Egypt.

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