International Cooperation Minister Sahar Nasr said negotiations are underway with the World Bank (WB) for obtaining a 500-million-dollar loan to develop Upper Egypt and create job opportunities there.

The Ministry of Trade and Industry is part of the current negotiations, Nasr added in statements on the fringe of the Egyptian-Bahraini Business forum on Tuesday.

As for receiving new loans from the WB, Nasr said that Egypt has many options and will choose the best, underscoring the importance of cooperation between Arab countries and building partnerships with regard to financial funds.