Egypt to seal $1 billion World Bank loan deal on December 19: minister

Egypt will sign the final agreement on a US$1 billion loan from the World Bank on December 19^th, expecting to receive the money before this year’s end, state-run Al-Ahram daily newspaper reported Monday, citing International Cooperation Minister Sahar Nasr.

The loan, which would help ease a foreign currency shortage, could be the first of three loans that form part of a three-year program with Egypt, Hafez Ghanem, the World Bank’s vice president for the Middle East and North Africa, said in November.

“There is an agreement in principle that this is a $3 billion, three-year programme, but that commitment is only for the first year,” he added.

Source: Ahram Online