Egypt reaches $3 billion financing deal with World Bank

Reuters, Ahram Online , Tuesday 16 Oct 2018

World Bank (Photo: Reuters)

Egypt has agreed a new $3 billion financing deal with the World Bank, its investment ministry said in a statement on Tuesday.

Egypt secured a loan of similar size in 2016 from the IMF.

The ministry said the loan is to be secured during the next few months.

In November 2016, Egypt's Central Bank floated the Egyptian pound and raised key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the country's flagging economy.

Other reforms have included cutting fuel subsidies.

Over the past three years, Egypt received a loan of $3 billon from the World Bank in instalments, to support the budget and the country’s economic reform programme.

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