At IMF-World Bank Spring Meetings, Egypt signs $427 million Deals

Egypt signs Friday two loans worth US$427 million with OPEC Fund and the World Bank Group in addition to a preliminary agreement with CMI – Marseille Center for Mediterranean Integration.

Signing the agreements, by Egypt’s Minister of International Cooperation Naglaa Al-Ahwany, came on the sidelines of the 2015 spring meetings of the World Bank and the International Monetary Fund (IMF).

During a seminar held by the World Bank on the sidelines of the Spring Meetings in Washington DC, Ahwany reviewed Egypt’s measures to reform the energy sector and cut down subsidy on fuel taken in July 2014.

The government has reduced wasted energy subsidy by 30%, equivalent to 2% of the gross domestic product at the time, Ahwany stated.

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