World Bank grants $247 mn to Egypt

August 11th, 2011 - 6:21 am ICT by IANS  

Cairo, Aug 11 (IANS) The World Bank’s Institutional Development Fund (IDF) has attributed $247 million support to Egypt, Xinhua reported Thursday.

The IDF will grant the fund worth $ 247.51 million to offer institutional support to Egypt’s Ministry of International Cooperation for cooperation with international organisations, the official MENA news agency stated.

It will also help boost the capabilities of the ministry in following up and supervising the implementation of projects financed by Egypt’s development partners, it added.

The IDF, a World Bank grant facility launched in 1992, was designed to finance quick, action-oriented, innovative capacity- building activities.

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