Egypt signs agreement with World Bank to support 1.5 m poor families

CAIRO: Minister of Social Solidarity Ghada Waly said that the government is to sign a $400 million agreement with the World Bank Friday for a project that is set to benefit 1.5 million poor Egyptian families, Youm7 reported.

The agreement will support the Takaful and Karama (Solidarity and Dignity) conditional cash transfer projects that provide the poor families, elderly and the disabled with monthly income and insure children younger than 18 get access to education and healthcare.

On the sidelines of the Spring meetings of the World Bank and the International Monetary Fund held in Washington DC from April 16-19, Waly said that the number of the beneficiaries from the financial assistance program, launched in November, has reached 100,000, and the target is 1.5 million beneficiaries, according to MENA.

In defining poverty, Waly told Youm7 in previous interview that whoever receives an income less than 1,600 EGP ($300) per month is considered under the poverty line.

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