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Egypt to seal $1 billion World Bank loan deal on 19 December

Ahram Online , Monday 7 Dec 2015
Minister Sahar Nasr
File Photo: International Cooperation Minister Sahar Nasr ((Photo: Al-Ahram)
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Egypt will sign the final agreement on a $1 billion loan from the World Bank (WB) on the 19th of December, expecting to receive the money before this year's end, state-run Al-Ahram daily newspaper reported on Monday, citing International Cooperation Minister Sahar Nasr.

The loan, which would help ease a foreign currency shortage, could be the first of three loans that form part of a three-year program with Egypt, Hafez Ghanem, the World Bank's vice president for the Middle East and North Africa, said in November.

"There is an agreement in principle that this is a $3 billion, three-year program, but that commitment is only for the first year," he added.

The government will also sign a $500 million loan agreement with the African Development Bank on the 15th of December, Al-Ahram added.
 

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Tut
07-12-2015 02:36pm
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21+
Survival window
On the face of it, the WB deal sounds like a great opportunity for economic development, fixing the bleeding export, or curbing the out of control imports. No: it's a stop gap measure to extend the 3 months survival window to 4! The fiscal arm of the government is scrambling like crazy to get aid and loans to feed the addiction of the army to buy more jets, now the morons are going even to Pakistan to buy more jets ... Does Sisi have the courage to go public on why he's buying more jets, bleeding the limited resources, and his people have only 4 months to survive?
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Sam Enslow
07-12-2015 01:51pm
1-
9+
More debt with rising dollar?
Debt must be repaid. The dollar gets stronger so it will cost even more in LE to pay back. Debt is easy to accumulate. It is hard to pay back, and servicing debt hinders economic growth.
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Al
07-12-2015 05:57pm
1-
4+
Pakistan
They need to buy more jets from Pakistan, what other options they have?
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