The World Bank’s executive board has approved the second installment of a $3bn loan to Egypt, according to a statement from the bank.

The bank has said it is ready to disburse the second installment of $1bn by the end of the year.

Egypt also recently signed an agreement with the World Bank’s International Finance Corporation (IFC). IFC pledged to invest in a number of local companies to boost the country’s private sector.

The IFC said it will invest up to $20m in Egyptian firm Hassan Allam Holding (HAH).

Egypt’s Minister of International Cooperation and governor to the World Bank said “Egypt hopes to boost the volume of cooperation with the IFC for upcoming water treatment, small and medium-sized, as well as private sector projects.”

The bank currently has a $2bn portfolio with the North African country.

Earlier this month the African Development Bank (AfDB) also approved the payment of $500m to Egypt as part of the second of three tranches of a $1.5bn loan agreed earlier this year.

Egypt received the first installments of both agreements earlier this year.