Last Update 21:20
Saturday, 25 March 2017

Egypt signs second $1 bln loan tranche agreement with World Bank

Ahram Online , Thursday 22 Dec 2016
World Bank
File Photo: Egyptian minister Saher Nasr in the middle heading the meeting with World Bank officials (Photo: the international cooperation ministry)
Share/Bookmark
Views: 1537
Share/Bookmark
Views: 1537
Egypt's Minister of International Cooperation Sahar Nasr signed a second $1 billion tranche loan agreement with the director of the World Bank in Cairo on Thursday.
 
On Tuesday, the World Bank's Board of Executive Directors approved the release of the second tranche of a $3 billion loan package to support Egypt’s economic reform programme, according to a statement on the international cooperation ministry’s website.
 
In 2014, Egypt embarked on a plan to introduce a number of fiscal reforms, including fuel subsidy cuts that raised prices by up to 78 percent, as well the imposition of new taxes to ease a growing budget deficit, currently estimated at 12.2 percent of GDP.
 
Egypt received the first tranche of the loan, worth $1 billion, in September.
 
The current portfolio of the World Bank in Egypt includes 25 projects with a total commitment of about $8.5 billion.
Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

Latest

© 2010 Ahram Online.