Egypt to receive $3 billion loan from World Bank: finance minister

Egypt is to receive a $3 billion loan from the World Bank in instalments over the next three years to support the state’s budget, the finance minister said on the sidelines of an economic conference Wednesday.

“The government is aware of the economic conditions which we’re passing through, and there is a deficit in the budget and we have to handle it gradually,” the prime minister said in separate remarks at the same conference, according to Reuters.