Egypt, World Bank, AfDB to start third tranche loan talks this week

Egypt will resume this week its negotiations with the World Bank and the African Development Bank (AfDB) to disburse the third tranches of $1.5 billion and $3 billion loans.

The two banks will send their delegations to Cairo within the current week to discuss the disbursement of the third tranche worth $1 billion from the World Bank and $500 million from the AfDB, Minister of Investment and International Cooperation Sahar Nasr said Sunday.

Egypt received earlier in April the second $500 million tranche of a $1.5 billion loan package from the AfDB, intended to support government programmes that aim to achieve social and economic development by creating new jobs and improving the business environment.

In the same month, the World Bank delivered to Egypt the second $1 billion tranche of a $3 billion three-year loan to support the government’s economic reform programme, with the funds intended for fiscal consolidation, ensuring energy supply and enhancing competitiveness in the private sector.