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Egypt receives final $1bn tranche of World Bank loan - Daily News Egypt

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Egypt receives final $1bn tranche of World Bank loan

Egypt has received the third and final $1bn tranche of the $3bn World Bank loan on Wednesday, according to Minister of Investment and International Cooperation Sahar Nasr. Nasr added that Egypt has received another $150m from the Group of Seven (G7), in addition to receiving $250m from Germany and $170m from France, to fund the …


Egypt has received the third and final $1bn tranche of the $3bn World Bank loan on Wednesday, according to Minister of Investment and International Cooperation Sahar Nasr.

Nasr added that Egypt has received another $150m from the Group of Seven (G7), in addition to receiving $250m from Germany and $170m from France, to fund the Egyptian economic reform programme.

Following the government’s decision to adopt the economic reform programme, the authorities went on a borrowing spree, reaching an agreement with the IMF for a $12bn loan in November 2016, of which Egypt has already received $6.08bn to date, as well as a $1.5bn loan from African Development Bank (AfDB), of which the third and final tranche was received by Egypt in January 2018.

Topics: Loan World Bank

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https://www.dailynewsegypt.com/2018/03/08/egypt-receives-final-1bn-tranche-world-bank-loan/
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