Egypt’s minister of investment and international cooperation Sahar Nasr signed an agreement worth $500 million with World Bank’s director in Egypt Marina Weis to finance the second phase of the country’s ‘Takaful and Karama’ (solidarity and dignity) programme.
This adds to the World Bank’s portfolio in Egypt which amounted to $8 billion, Nasr said in a statement on Wednesday.
Such funding will be used to support the most populous Arab nation’s social safety net for three years, she added.
The second phase of the programme is expected to include 12.8 million people, raising the total number of beneficiaries to 22.3 million, the minister noted.
Introduced in March 2015, the first three-year phase of ‘Takaful and Karama’ covered about 9.5 million people, 88% of which are women.