16:20 GMT23 June 2021
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    A $500 million loan from the World Bank will help local governments in Upper Egypt create jobs through improved infrastructure and modernized delivery services, the lender announced on Thursday.

    WASHINGTON (Sputnik) — The loan, approved by the World Bank Group’s board, will focus on two governorates, Qena and Sohag, which are among Egypt’s poorest but have “large, unrealized growth potential,” the announcement said.

    Upper Egypt, a region straddling the Nile River and composed of 10 governorates, is home to about 38 percent of Egypt’s population and 67 percent of its poor, according to the Bank.

    The World Bank’s current portfolio in Egypt includes 25 projects valued at about $7.5 billion, the release noted.

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