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World bank disburses another $1 billion loan to Egypt

World Bank issued the first $1 billion tranche of the loan in 2015

Reuters  |  Cairo 

world bank, world bank news
World Bank. Photo: Reuters

The has disbursed another $1 billion in financial assistance to out of its $3 billion programme with the country, the bank said in a statement on Monday.

has been negotiating billions of dollars in aid from various lenders to help revive an hit by political upheaval since a 2011 revolt and to ease a dollar shortage that has crippled imports and hampered its recovery.

"The government has taken important steps in implementing key policy and institutional reforms that are laying down the foundations for accelerated job creation and inclusive growth," said Dr Asad Alam, Country Director for Egypt, and in the statement.

The issued the first $1 billion tranche of the in 2015, with two more instalments of the same size to follow, linked to additional reforms that the government planned.

Faced with a gaping budget deficit, began a series of painful economic reforms and has taken steps to lower fuel subsidies, introduced a new value-added tax (VAT) and let its currency float freely in the foreign exchange market in November to attract foreign inflows.

Sahar Nasr, Egypt's minister of investment and cooperation, said in a statement that the second tranche will help spur private sector investment and development projects and services, which should help improve people's standard of living.

Hafez Ghanem, the World Bank's vice president for the Middle East and North Africa, told Reuters this month that Cairo's next set of economic reforms should focus on making its bureaucracy more transparent for investors.

expects to receive the second tranche of a $12 billion Monetary Fund in May or June, Finance Minister Amr El-Garhy told Reuters last week.

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World bank disburses another $1 billion loan to Egypt

World Bank issued the first $1 billion tranche of the loan in 2015

World Bank issued the first $1 billion tranche of the loan in 2015

The has disbursed another $1 billion in financial assistance to out of its $3 billion programme with the country, the bank said in a statement on Monday.

has been negotiating billions of dollars in aid from various lenders to help revive an hit by political upheaval since a 2011 revolt and to ease a dollar shortage that has crippled imports and hampered its recovery.

"The government has taken important steps in implementing key policy and institutional reforms that are laying down the foundations for accelerated job creation and inclusive growth," said Dr Asad Alam, Country Director for Egypt, and in the statement.

The issued the first $1 billion tranche of the in 2015, with two more instalments of the same size to follow, linked to additional reforms that the government planned.

Faced with a gaping budget deficit, began a series of painful economic reforms and has taken steps to lower fuel subsidies, introduced a new value-added tax (VAT) and let its currency float freely in the foreign exchange market in November to attract foreign inflows.

Sahar Nasr, Egypt's minister of investment and cooperation, said in a statement that the second tranche will help spur private sector investment and development projects and services, which should help improve people's standard of living.

Hafez Ghanem, the World Bank's vice president for the Middle East and North Africa, told Reuters this month that Cairo's next set of economic reforms should focus on making its bureaucracy more transparent for investors.

expects to receive the second tranche of a $12 billion Monetary Fund in May or June, Finance Minister Amr El-Garhy told Reuters last week.

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Business Standard
177 22

World bank disburses another $1 billion loan to Egypt

World Bank issued the first $1 billion tranche of the loan in 2015

The has disbursed another $1 billion in financial assistance to out of its $3 billion programme with the country, the bank said in a statement on Monday.

has been negotiating billions of dollars in aid from various lenders to help revive an hit by political upheaval since a 2011 revolt and to ease a dollar shortage that has crippled imports and hampered its recovery.

"The government has taken important steps in implementing key policy and institutional reforms that are laying down the foundations for accelerated job creation and inclusive growth," said Dr Asad Alam, Country Director for Egypt, and in the statement.

The issued the first $1 billion tranche of the in 2015, with two more instalments of the same size to follow, linked to additional reforms that the government planned.

Faced with a gaping budget deficit, began a series of painful economic reforms and has taken steps to lower fuel subsidies, introduced a new value-added tax (VAT) and let its currency float freely in the foreign exchange market in November to attract foreign inflows.

Sahar Nasr, Egypt's minister of investment and cooperation, said in a statement that the second tranche will help spur private sector investment and development projects and services, which should help improve people's standard of living.

Hafez Ghanem, the World Bank's vice president for the Middle East and North Africa, told Reuters this month that Cairo's next set of economic reforms should focus on making its bureaucracy more transparent for investors.

expects to receive the second tranche of a $12 billion Monetary Fund in May or June, Finance Minister Amr El-Garhy told Reuters last week.

image
Business Standard
177 22