Arab Finance: President Abdel Fattah El-Sisi has issued a decree approving Egypt’s subscription of $6.19 million to the 20th replenishment of the capital of the International Development Association (IDA), the concessional lending arm of the World Bank Group, according to the Official Gazette.

The House of Representatives approved Egypt’s subscription on July 14, while the Minister of Foreign Affairs greenlit the transaction in May.

Last week, President El-Sisi also issued a presidential decree approving Egypt’s subscription of $5.81 million to the 19th replenishment of IDA’s capital.

Since 1959, the World Bank Group has financed 183 projects in Egypt at a combined value of $26 billion across various key sectors, including infrastructure, human capital, public sector reform, service delivery, and private sector development.