Egypt to sign $1 billion World Bank loan today
Egypt is to officially sign Saturday a $1 billion loan with the World Bank Group, as the first tranche of $3 billion funding.
The World Bank has approved 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.
Egyptian Prime Minister Sherif Ismail will attend the signing ceremony, senior sources from the Cabinet said.
The agreement is to be signed by Egyptian Minister of International Sahar Nasr in the presence of an official high-profile delegation from the World Bank.
The first tranche of the loan will be delivered to Egypt within days.
The World Bank’s Egyptian loan has a maturity of 35 years with five-year grace period, and carries an annual interest rate of 2 percent, senior sources near from the talks said.
