New Loans For Egypt

Egypt expects to receive $1.5bn in concessionary loans by the end of next month: $1bn from the World Bank and $500mn from the African Development Bank (ADB), Egypt’s Minister of International Cooperation Sahar Nasr says. This first tranche of aid is part of a $3bn loan from the World Bank along with $1.5bn from the ADB, for which agreements were signed in Cairo this week.

The minister says that the two loans will be used to finance urgent development projects which will create employment opportunities and yield quick results.

The $1bn loan from the World Bank is the first tranche of a three-year aid program with Egypt, Hafez Ghanem, World Bank’s Vice-President for the Middle East and North Africa says, adding that there is agreement in principle on a $3bn three-year program, but with a commitment only for the first year. (CONTINUED - 243 WORDS)