Egypt negotiating third tranche of $3 billion World Bank loan: minister
Published 2017-03-23 10:46:35| Islam Salah & Sayed Badr
Egypt is negotiating the third and final $1 billion tranche of a $3 billion World Bank loan to support a government economic reform programme, Minister of International Cooperation announced Wednesday. The World Bank announced earlier on Monday that it had handed over the second $1 billion tranche to Egypt, with the funds intended for fiscal consolidation, ensuring energy supply, and enhancing competitiveness in the private sector. Following the transfer of the funds, Minister of Investment and International Cooperation Sahar Nasr met in Cairo with a high-level World Bank mission that has been visiting Egypt since mid-March. They discussed efforts to improve the business environment and advance Egypt's ranking in the Doing Business Report, according to statement on the ministry’s website. The annual report examines regulations and regulatory processes involved in setting up and operating a business in different economies worldwide. The current portfolio of the World Bank in Egypt includes 26 projects with a total commitment of $5.92 billion, according to the bank’s data.
- MEDCOM reports one billion Egyptian pounds in contracts this year
- Moukhtar Ibrahim to execute two major road projects in 6th October, Sadat cities
- Egypt negotiating third tranche of $3 billion World Bank loan: minister
- EBRD planning €1 billion investments in Egypt this year after pound float
- Egypt emerges as the world’s fastest growing real estate market
- Arab Fund to commit $82 million for Sinai development projects
- Foreign investments in Egypt t-bills, bonds rise to $4 bln after pound float
- EBRD, EU, EIB, AFD launch green financing facility in Egypt
- Egypt, EU complete 35 institutional twinning projects
- EBRD: Egypt investments record €47.7 million since early 2017
The Kuwait-based Arab Fund for Economic and Social Development (AFESD) is studying contributing 25 million Kuwaiti dinars ($82 million) to development projects in the Sinai Peninsula, its chairman Abdlatif Y. Al-Hamad announced Monday. The Arab Fund intends to take part in financing ‘ambitious’ development projects in Sinai in sectors of reclamation and drinking water, Al-Hamad said on the sidelines of Economic Research Forum’s annual conference in Amman, Jordan.
Egypt’s Misr Engineering Development Company (MEDCOM) reported total contracts of one billion Egyptian pounds ($55.1 million) during 2017. The Egyptian company is planning to double the volume of its contracts within the next years through the expansion in implementing national mega project, notably the country's new capital city, chairman Moataz Mahmoud said Wednesday.MEDCOM is currently executing utilisation works for the new Al Masah Hotel among projects in the first phase of the new capital city, Mahmoud further added."MEDCOM has been assigned with a 20 percent share in the hotel works, with costs worth 400 million pounds." he told Amwal Al Ghad. The Egyptian official further stated that the total volume of MEDCOM's businesses recorded 400 million pounds at the end of December 2016. "We target doubling our business volume to range between 450 million pounds and 500 million pounds at the end of next financial year," Mahmoud said. Moreover, MEDCOM also implements a number of villas and housing units in New Cairo in favour of SODIC and Palm Hills Development (PHD) with costs worth more than 350 million pounds, Mahmoud said.
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.
Most Popular »
- Egypt’s parliament may pass new investment law in 10 days: MP
- Trump’s administration weighing broad sanctions on North Korea: official
- South Korea's Park apologises, promises cooperation in graft probe
- US bans electronic devices on flights from 8 Muslim countries
- Man arrested at White House gate claimed Trump telepathy link