Egypt Expects to Receive $1.5 Bln Loans From WB before 2015 EndSource: www.export-egypt.com 11/19/2015, Location: Africa |
|
|
|
|
|
The World Bank expects to make a $1 billion development policy loan available to Egypt in December if all goes to plan after completing negotiations in Cairo, a senior World Bank official said.
The loan could be the first of three as part of a three-year program with Egypt, Hafez Ghanem, the World Bank's vice president for the Middle East and North Africa, said. Egypt has said it needs the money to help ease a foreign currency shortage caused by a slide in tourism revenues and foreign investment. "Our team was in Cairo and I think they completed the negotiations," he said, adding that the World Bank and Egyptian government still needed to approve the final documents for the $1 billion installment. "It would come through sometime in December if everything is fine," he said. "There is an agreement in principle that this is a $3 billion, 3-year program, but that commitment is only for the first year," he added. The government of the most populous Arab country also expected to receive $500 million from the Côte d'Ivoire-based African Development Bank (AFDB) before end of this year to finance the urgent developing projects, Al-Ahram reported on Friday citing the international cooperation minister Sahar Nasr. The money is first chunk of $1.5 billion loan that has been negotiated with the AFDB to be sent over three years, Al-Ahram said. The World Bank is also considering a request from Iraq for more funds after agreeing a loan of $350 million in July for emergency reconstruction of areas that security forces have liberated from Islamic State militants, Ghanem said. The government has asked for another loan for budget support, and negotiations are ongoing, he said, adding that it was not clear if this would be possible before the end of 2015 as desired by the Iraqis. "They are talking about $1.2 billion. That is what they have asked for, we would like to do it but I am not sure we will be able to do that full amount, but we are doing our best to respond to the request," he said. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 6/1/2024 - Housing and Urban Communities Minister Assem el Gazar announced that the New Urban Communities Authority (NUCA) will suspend the system of land alloca...
|
Egypt >> 6/1/2024 - Spokesman for the Consumer Protection Agency (CPA) Islam el Gazzar asserted the application of "Price Radar" is mainly helping control prices of diffe...
|
|
Egypt >> 6/1/2024 - First Deputy Chairman of the Federation of Egyptian Chambers of Commerce (FEDCOC) Hany Mahmoud lauded the level of progress in the sector of communica...
|
Egypt >> 6/1/2024 - Minister of Social Solidarity and Board Chairman of Nasser Social Bank Nivine el Kabbag said that the bank succeeded in increasing the wallet of the r...
|
|
Egypt >> 6/1/2024 - The State is maintaining its support for low-income brackets, said Spokesperson for the Cabinet Mohamed el Homsani.
He added in televised r... |
Egypt >> 6/1/2024 - Minister of Communications and Information Technology Amr Talaat had a meeting with Singaporean Minister for Communications and Information Josephine ...
|
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | |
