Egypt Secures Financing from World Bank, in Talks with Saudi Arabia over New Aid

Egyptian Finance Minister Ahmed Galal revealed that the World Bank has approved a financing package for a number of projects in Egypt.

In an exclusive with Al Ahram newspaper, the Egyptian minister said Inger Anderson – Vice President of the Middle East and North Africa at the World Bank – informed him during an economic forum in Marseille last week that the bank approve the financing for the projects named by the Finance Ministry according to priorities.

Galal declined to define the amount of the financing, but noted that a World Bank delegation will visit Cairo next week to reinforce the agreement.

However, a high-profile source close to global financing institutions estimated the financing at nearly $2 billion with 1% interest over 20 years.

The finance minister also revealed that Egypt is currently in talks with Saudi Arabia over receiving a new financing package whose value will be announced once a final agreement is reached.

Yet, high-profile sources said Egypt is seeking $5 billion in aid in the form of oil products and funds for development projects.