Egypt negotiating $500 loan from World Bank: minister

Egypt is negotiating a $500 million loan from the World Bank to help implement some of the country’s developmental projects in Upper Egypt region, said minister of international cooperation on Tuesday.

Egypt’s Minister of International Cooperation, Sahar Nasr further told Amwal Al Ghad that the World Bank had previously provided her country with $8 billion financing.

The $8 billion involves $2 billion for the private sector, $6 billion for social inclusion, $500 million for social housing schemes, and $550 million for sanitation projects, she added.

As the parliament has recently approved the Cabinet’s scheme, Egyptian government is studying some scenarios to secure new financing through new loans from international financial institutions such as the World Bank or the Intentional Monetary Fund (IMF), Nasr added.