The parliament on Monday approved a USD 500 mn loan agreement with the International Bank for Reconstruction and Development to finance the Upper Egypt local development program. 

The loan is planned to finance the development of infrastructure in the Upper Egyptian governorates of Qena and Sohag, Parliament's Deputy Speaker Al Sayed el Sherif said.

The two governorates were picked for being evaluated as the poorest governorates in Egypt, el Sherif said.

The World Bank has approved in December expanding Egypt's portfolio with its subsidiary the International Bank for Reconstruction and Development (IBRD) to $6 billion from $5 billion over the five years from 2015 to 2019.