World Bank plans $6 billion of financial support for Egypt

Washington: The World Bank is planning to give Egypt more than $6 billion in financial assistance over the next three years to help it meet its develo...

Washington: The World Bank is planning to give Egypt more than $6 billion in financial assistance over the next three years to help it meet its development priorities, the Washington-based lender announced on Monday.

"Over the coming three years, the World Bank Group intends to provide more than US$6 billion of support to Egypt," the development lender said in a statement.

This includes "US$3 billion for financial support to Government's programs and US$3 billion for the private sector (including mobilization) - subject to Board approval," it added.

Egypt, the Arab world's most populous nation, is in dire need of financial help as it weathers a severe economic crisis marked by rapid inflation.

Its economy, which is dominated by military-linked enterprises, has been hit hard by a series of economic shocks, including the recent Huthi attacks on shipping in the Red Sea that have slashed Suez Canal revenues for Egypt and deprived it of a key source of foreign currency.