The World Bank has disbursed another USD1bn in financial assistance to Egypt out of its USD3bn loan programme with the country, the bank said 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," according to the bank’s Country Director for Egypt, Yemen and Djibouti, Asad Alam. The funds will, in the meantime, shore up Egypt’s foreign reserves, Deputy Finance Minister, Ahmed Kouchouk’s, said. Sahar Nasr, Minister of Investment and International Cooperation, said the second tranche will help spur private sector investment and development projects and services, which should help improve people's standard of living. Hafez Ghanem, the bank’s vice president for MENA, said Egypt’s next set of economic reforms should focus on making its bureaucracy more transparent for investors. Egypt had received the first tranche of the loan last September and will be negotiating the disbursement of the third and final tranche in Washington by April-end, according to the bank’s Executive Director to Egypt, Mezra Hassan.
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