Egypt signs $500 mln deal with WB
Thursday، 12 September 2019 - 09:34 AM
Prime Minister Mostafa Madbouli
Prime Minister Mostafa Madbouli witnessed Wednesday 11/9/2019 the signing of an agreement with the World Bank for the 2nd phase of Strengthening Social Safety Network Project (Takaful and Karama Support Program).
Minister of Investment and International Cooperation Sahar Nasr inked the deal with World Country Director for Egypt Marina Wes, in presence of Minister of Social Solidarity Ghada Wali.
The $500 million deal seeks to improve the program, extend its scope of activities and transfer from cash-based support to production-based support, Wali said after the inking ceremony.
The Takaful and Karama "Solidarity and Dignity" program is among Egypt’s largest investments in human capital development. It was launched in 2015 with the support of a US$400 million World Bank program.
Implemented by the Ministry of Social Solidarity, the program had covered about 2.26 million households by November 2018, which roughly amounts 9.4 million individuals, or 10 percent of Egypt’s population.