Last Update 20:45
Saturday, 15 December 2018

Egypt receives last $1.15 billion from World Bank series of loans to support economic reform programme

The loan is the last in the series of Fiscal Consolidation, Sustainable Energy, and Competitiveness Development Policy Financing loans

Ahram Online , Wednesday 7 Mar 2018
Nasr
File Photo: Minister of investment and international cooperation Sahar Nasr (Photo: Al-Ahram)
Share/Bookmark
Views: 3983
Share/Bookmark
Views: 3983

Egypt received on Wednesday the third loan worth $1.15 billion from the World Bank, the last in the series of the "Fiscal Consolidation, Sustainable Energy, and Competitiveness Development Policy Financing loans” worth a combined $3.15 billion, Investment and International Cooperation Minister Sahar Nasr announced.

The World Bank’s Board of Executive Directors had approved in December the $1.15 billion development policy financing loan to support Egypt’s economic reform programme.

The loans were approved between 2015 and 2017.

“This loan supports Egypt’s home-grown inclusive reforms aimed to power job creation, ensure energy security, strengthen public finances, and enhance business competitiveness, especially for micro, small and medium-sized businesses,” according to the World Bank.

Egypt also received $150 million from the Group of Seven (G7) countries, the minister said.

Last week, Egypt received $250 million from Germany and $170 million from France to support Egypt’s economic reform programme.

The latter are part of additional financing agreed upon between Egypt and the International Monetary Fund, as part of the Extended Fund Facility programme to provide a $12 billion loan to Egypt.

Separately, the Cabinet approved on Wednesday the agreement with the African Development Bank for the third $500 million tranche, signed in January, of the $1.5 bn loan to support the economic reform programme.

The agreement with the bank is yet to be approved by the Egyptian House of Representatives.

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.