Egypt seals World Bank loan deal

Egypt has signed Saturday a $1 billion loan with the World Bank Group, as the first tranche of $3 billion funding, in the presence of Egyptian Prime Minister Sherif Ismail.

The World Bank has approved Thursday a $3 billion loan to Egypt, to be disbursed over the next three years. The loan will help the Egyptian government secure economic growth and provide much-needed foreign currency liquidity.

The World Bank’s board approved to increase Egypt’s portfolio to US$8 billion, s

Egyptian Minister of International Sahar Nasr has signed the agreement.

The first tranche of the loan will be delivered to Egypt within days.