World Bank approves $7 billion loan to support Egypt reforms

CAIRO (AP) — The World Bank says it has approved a $7 billion loan to support Egypt’s push to empower the private sector and enhance its efforts to combat the impact of climate change. The World Bank said in a statement Wednesday the funds will be delivered over the next five years. It said the loan aims to generate “more and better” private sector jobs, improve health and education services and social protection programs. It also aims to improve the country’s resilience to economic shocks and strengthen its ability to adapt to, and mitigate, climate change impacts. The World Bank loan is separate from a bailout loan from the International Monetary Fund, which Egypt secured in December.