Egypt: Second Financial Sector Development Policy Loan

WASHINGTON, May 29, 2008- The following project was approved today by the World Bank’s Board of Executive Directors:

IBRD Loan: USD$500 Million

TERMS: Maturity = 30 years; Grace Period = 5 years

PROJECT DESCRIPTION: The objective of the Second Financial Sector Development Policy Loan is to build a more competitive financial system, with sound banking and non-banking financial institutions, led by the private sector, and able in the medium-term to provide efficient financial services. This second operation will assist Egypt to strengthen the enabling environment for financial intermediation, resource mobilization and risk management, and increase private participation in the provision of financial services.

For more information, please call Dina El-Naggar (202) 473-3245 or e-mail her at delnaggar@worldbank.org

For project information, please visit: http://web.worldbank.org/external/projects/main?pagePK=64312881&piPK=64302848&theSitePK=40941&Projectid=P094551