Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

World Bank Approves $500 Mln to Expand Social Security in Egypt

People shop at Al Ataba, a popular market in downtown Cairo, Egypt, December 4, 2022. (Reuters)

The World Bank's executive board has approved $500 million in development financing for Egypt to expand its social safety net and protection program in the face of global economic pressures filtering through to the country's economy, the international cooperation minister said on Friday.

The funds will support the government's Takaful and Karama conditional and unconditional cash transfer program, first launched in 2015, which targets low-income Egyptians eligible for government support.

The network has already received $900 million in funds since its launch in 2015 and helps around 12.8 million people in the Arab world's most populous country.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.