Egypt, World Bank sign $200 million loan project

AP News
Posted: Aug 14, 2012 3:13 PM
Egypt, World Bank sign $200 million loan project

CAIRO (AP) — Egyptian Cabinet ministers and World Bank officials have signed off on a $200 million project aimed at creating 250,000 jobs after more than a year of slow economic growth.

The World Bank says the investments will be spent on financing for job creation by improving the environment for private sector-led growth and education.

Egypt has been in an economic downturn since the popular uprising that brought down longtime President Hosni Mubarak last year.

Egypt and the World Bank agreed on the loan in late June and signed it in Cairo on Tuesday.

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The World Bank says the loan is meant to encourage local community participation in projects to enhance water and sanitation, energy and reliable transportation, as well as social services like health, education and social welfare.