By Hend Kortam, Aswat Masriya The World Bank will grant Egypt a loan worth $3 billion over three years to support the Egyptian state’s general budget, Egypt’s finance minister said on Wednesday. Minister Hany Kadry Dimian announced news of the loan to reporters at an economic conference aired live on state television but did not provide details on the sectors in which the loan will be used and the time frame of the disbursments. Typically, the World Bank offers loans for specific projects in specific sectors, rather than ones to support the general budget. In Egypt, for instance, the bank says it has a portfolio that includes “26 projects for a total commitment of US $5.92 billion” in sectors like energy, agriculture and education, among others. The loan comes at a time when the Egyptian government is scrambling to collect money before the end of the year. Dimian told reporters the government is “open to all options to finance the budget and fill the funding gap in any way, but in the appropriate time and amount.” Prime Minister Sherif Ismail told Reuters in an interview earlier this week that Egypt is…
Egypt to Receive $3 Billion Loan From World Bank: Finance Minister
October 14, 2015
