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

Egypt Releases Satirist and Vlogger Shady Abu Zeid After 2 Years

Egyptian StreetsOctober 18, 2020

Egypt’s Mufti Condemns Killing of French Teacher For Prophet Muhammed Caricatures

Egyptian StreetsOctober 17, 2020

Veteran Actor Mahmoud Yassin Passes Away, Aged 79

ES BuzzOctober 15, 2020

Egyptian Woman Killed in Maadi After Being Dragged by Car

Egyptian StreetsOctober 14, 2020

Egypt’s Health Minister Calls for Free COVID-19 Vaccines for Developing Countries

Egyptian StreetsOctober 13, 2020

Gal Gadot to Star in Cleopatra Biopic, Sparking Outrage

Egyptian StreetsOctober 12, 2020

Nearly Half of Arab Youth Consider Leaving Their Home Countries: AYS

Egyptian StreetsOctober 10, 2020

Nobel Peace Prize Winners: How WFP in Egypt is Transforming Lives

Egyptian StreetsOctober 9, 2020