ICEC

Egypt Seeks to Obtain Loans from World Bank Worth $ 2.5 bln

An official source has revealed that the cooperation between the Egyptian government and the World Bank  has returned as it was halted since July.

 The source said Egypt will review the developmental program for the new fiscal year on the board of directors of the bank by the next week, demanding soft loans worth$ 2.5 billion, instead of $ 1.1 billion in  the last fiscal year.

 The source has explained that the World Bank has halted the approved program just for two weeks after suspending the Egyptian constitution.

 He pointed out that the bank’s board members – totaling 25 members, including two Arabs from Saudi Arabia and Kuwait  members – relying on the Egyptian developmental program within the current period, and the value of soft loans needed by Egypt during the coming period.

 He has emphasized that the coordination takes place now with the members of IMF ‘s board of directors in order to approve on the new developmental program without needing to the legal ratio which is 51%.

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