Egypt Receives First $1 Bln Tranche Of World Bank LoanSource: www.export-egypt.com 9/9/2016, Location: Africa |
|
|
|
|
 The World Bank has provided Egypt with the first $1 billion tranche of a $3 billion loan, as part of its support for the government's economic programme, the Ministry of International Cooperation said.
The money will be used to “create job opportunities and improve citizens’ living standards,” Minister of International Cooperation Sahar Nasr said in a statement. The loan is part of the government's effort to secure billions of dollars in aid from various lenders to help revive the country's economy and ease a dollar shortage that has crippled recovery. This includes a three-year fund of $4.5 billion from the World Bank ($3 billion) and the African Development Bank ($1.5 billion), Ithe minister added in the statement published on the ministry's website. Cairo has now received $1.5 billion of the financing, the minister said as well as the first $500 million of the ADB loan received late last year. The funding will be directed at "labour-intensive projects and achieving sustainable economic debeploment," Nasr said. The government is already working on finalising the second tranche of $1.5 billion from the World Bank, as well as from the African Development Bank, the minister said. In August Egypt reached a preliminary agreement with the International Monetary Fund to secure a three-year $12 billion loan facility. The deal requires Cairo to secure a further $6 billion in bilateral financing. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
