News

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

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

6895483-money-of-the-world-dollars-euros-russian-roubles-thai-baht-turkish-lira-egypt-pounds-stock-photo

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.

Rehab Ahmed and Shaaban Ibrahim Win Egypt's First Silver, Bronze Medals at Rio Paralympics
Egypt's Armless Table Tennis Player Ibrahim Hamadtou Fulfills Paralympic Dream

Subscribe to our newsletter


News

More in News

Former Leader of Muslim Brotherhood Mohamed Mahdi Akef Dies at 89

Egyptian StreetsSeptember 23, 2017

Forest Whitaker to Receive Career Achievement Award at El Gouna Film Festival

Egyptian StreetsSeptember 23, 2017

Egypt Ranks First in ‘Where to invest in Africa 2018’ List

Egyptian StreetsSeptember 21, 2017

Uber to Launch Public Transport Service in Egypt: Minister

Egyptian StreetsSeptember 21, 2017

US to Consider Restoring Halted Military Aid to Egypt: Trump

Egyptian StreetsSeptember 21, 2017

President Al-Sisi Addresses the United Nations

Egyptian StreetsSeptember 20, 2017

President Al-Sisi Meets Israel’s Netanyahu Publicly For The First Time in New York

Egyptian StreetsSeptember 19, 2017

Irish-Egyptian Ibrahim Halawa Acquitted By Egypt Courts After Four-Year Imprisonment

Kari MegeedSeptember 18, 2017
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.