An atrium at the World Bank headquarters in Washington, US, Oct. 14, 2017. (Credit: Yuri Gripas/Reuters)
CAIRO — 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.