Cash-strapped Egypt is desperately seeking new sources of investment and financial aid to boost its shrinking foreign currency reserves.
Finance Minister Hani Dimian said at a conference in Cairo on 14 October that the World Bank has agreed to extend a loan of $3bn to his country over the next three years to support the state budget. The minister made this announcement following the annual IMF-World Bank meeting last week in Lima, Peru. There is no confirmation as yet from the World Bank itself. (CONTINUED - 1148 WORDS)