World Bank set to provide Egypt with first 1 billion of 3 bi...| MENAFN.COM

Saturday, 25 June 2022 11:01 GMT

World Bank set to provide Egypt with first 1 billion of 3 billion loan

(MENAFN- Saudi Press Agency)
CAIRO Rajab 6 1437 Apr 13 2016 SPA -- The World Bank will provide the first $1 billion tranche of a $3 billion loan to Egypt after parliament approves the government's economic programme Reuters cited World Bank vice president Hafez Ghanem as saying at a news conference late Tuesday.

Parliament is expected to pass the program in April.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and ease a dollar shortage that has crippled import activity and hampered recovery.

The lender had agreed to provide the first $1 billion in December but is waiting for the government's economic programme which outlines the broad strokes of its reform plans to be passed by parliament.

The government presented a programme to parliament in late March that aimed to reduce the budget deficit while protecting the poor.

11:19 LOCAL TIME 08:19 GMT

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