THE WORLD BANK
WOR BAM GROUP
T     9J, 2019
H.E. Dr. Sahar Nasr
Minister of Investment and International Cooperation
Ministry of Investment and International Cooperation
8 Adly Street
Cairo
Arab Republic of Egypt
Arab Republic of Egypt: Loan No. 8915-EG
(Private Sector Development for Inclusive Growth
Development Policy Loan)
Amendment to the Loan Agreement
Excellency:
We refer to the Loan Agreement dated December 9, 2018 ("Loan Agreement"), between
the Arab Republic of Egypt ("Borrower") and the International Bank for Reconstruction and
Development ("Bank") for the above-referenced Program. Please note that the capitalized terms
used in this letter ("Amendment Letter") and not defined herein have the meaning ascribed to them
in the Loan Agreement as applicable.
We are pleased to inform you that, after due consideration, the Bank proposes to amend
the Loan Agreement as set forth below:
1.     Section I.B.3 and Section I.B.4 of Schedule I to the Loan Agreement are hereby deleted in
their entirety and replaced with the following, respectively:
"3. The Borrower, through its President, has enacted a law regulating the use of non-cash
payment to promote the development of digital economy and improve financial inclusion.
4. The Borrower's inter-ministerial committee chaired by the Prime Minister, responsible
for public debt management pursuant to Prime Ministerial Decree No. 2003.2018 dated
October 8, 2018, has commenced its operations; and the Borrower has published an
expanded medium-term debt management strategy which sets targets for domestic and
external borrowing, includes guidance on risks related to the interest rate, exchange rate,
and refinancing of debt, and provides reference to public disclosure of state-owned
enterprise debt data."
All the terms and conditions of the Loan Agreement that have not been amended hereby
shall remain unchanged and in full force and effect.


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Please confirm your agreement to the foregoing on behalf of the Borrower by
countersigning and dating two (2) original copies of this Amendment Letter and returning one fully
executed original to us. Upon receipt by the Bank of the countersigned copy, these amendments
shall become effective as of the date of this Amendment Letter.
Sincerely yours,
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
By;
Marina Wes
Country Director for Egypt, Djibouti and Yemen
Middle East and North Africa Region
AGREED AND CONFIRMED:
ARAB REPUBLIC OF EGY T
By:
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