CAIRO, 30th September, 2016 (WAM) — A new $500 million World Bank loan will help create jobs in Upper Egypt by enhancing the business climate and improving infrastructure and the delivery of services.

The Upper Egypt Local Development Programme, approved by the World Bank Group’s Board of Directors today, will focus on two lagging regions, Qena and Sohag, which are amongst the poorest in the country but have a large unrealised growth potential.

This Programme is part of the World Bank Group’s Country Partnership Framework (CPF) for 2015–19. The CPF provides total Bank Group support of about $8 billion during this period for supporting vital sectors of the economy in order to reduce poverty and boost shared prosperity.