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Egypt Receives $US 1 Billion from World Bank to Support Economy

Egypt Receives $US 1 Billion from World Bank to Support Economy

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On Friday, Egypt received $US 1 billion from the World Bank aimed at supporting Egypt’s economic program, announced the Ministry of International Cooperation.

The billion-dollar transfer is the first of a $US 3 billion loan promised by the World Bank.

According to Minister of International Cooperation Sahar Nasr, the loan is aimed at boosting employment and the standard of living. The money will also be used to strengthen state infrastructure, said Nasr who added that it is hoped sustainable economic development is achieved.

The $US 3 billion loan is to be transferred to Egypt over three years. A further $US 1.5 billion is expected from the African Development Bank, of which $US 500 million was received in late 2015.

The transfer comes amid Egypt’s efforts to gain international economic support. Last month, Egypt announced it had reached a preliminary agreement for a $US 12 billion loan from the International Monetary Fund.

Egypt has been struggling to regain its rapidly depleting foreign currency reserves since the ouster of Hosni Mubarak in 2011. In the five years since, Egypt’s foreign reserves have gone down more than 50 percent, from USD 36 billion to USD 17.546 billion as of last month.

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