"The loan aimed at enhancing Egypt's prospects for sustainable and inclusive growth," it noted.
The loan has been approved under the Egypt Inclusive Growth for Sustainable Recovery Program that was launched by the World Bank for creating jobs and providing an inclusive enabling environment for the country's private sector.
According to the World Bank, the Program focuses on enhancing Egypt's macro-fiscal sustainability, enabling private sector development in the domestic market, and fostering women's economic inclusion.
Egypt's first wave of macro-economic reforms that started in 2016 has helped the North African country stabilize its economy, tackle the COVID-19 crisis with greater resilience, and improve fiscal and external accounts, the World Bank said.
"Egypt has remained one of the few countries that have maintained positive growth during the ongoing COVID-19 crisis," it said.
Egypt's first wave of reform secured a three-year loan of 12 billion dollars provided by the International Monetary Fund, which ended in July 2019. The second wave of reform started in April 2021.
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