Egypt receives final $1bn tranche of World Bank loan

Last updated: March 7, 2018 11:41 pm

1 Min Read

Egypt has received the third and final $1bn tranche of the $3bn World Bank loan on Wednesday, according to Minister of Investment and International Cooperation Sahar Nasr.

Nasr added that Egypt has received another $150m from the Group of Seven (G7), in addition to receiving $250m from Germany and $170m from France, to fund the Egyptian economic reform programme.

Following the government’s decision to adopt the economic reform programme, the authorities went on a borrowing spree, reaching an agreement with the IMF for a $12bn loan in November 2016, of which Egypt has already received $6.08bn to date, as well as a $1.5bn loan from African Development Bank (AfDB), of which the third and final tranche was received by Egypt in January 2018.

TAGGED:Loan World Bank

Share This Article

By Mohamed Samir

Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/