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Wednesday, 3 August 2016

Egypt signs USD 500 mn loan agreement with the International Bank for Reconstruction and Development

The International Cooperation Ministry signed a USD 500 mn loan agreement with the International Bank for Reconstruction and Development to finance the Upper Egypt development program, Al Masry Al Youm reported. The funding will be directed towards to bettering government services, and creating sustainable economic capabilities, in addition to Upper Egypt centric industries like food industries and their feeding industries, in addition to furniture, said International Cooperation Minister Sahar Nasr.

The Ministry also signed two grant agreements with the French Development Agency (AFD) valued at EUR 69 mn, Youm7 reported. The first EUR 68 mn agreement is a follow up to an earlier agreement to connect natural gas to 2.4 mn homes in 11 governorates, International Cooperation Minister Sahar Nasr said. The second grant will fund energy and transportation projects, health programs in cooperation with the World Bank, and technical training programs in cooperation with the Social Fund for Development.

The signing comes as the government sent to the House for ratification the USD 3 bn World Bank loan agreement and the USD 1.5 bn African Development Bank loan agreement on Tuesday, government sources tell Al Masry Al Youm. The government apparently urged the swift ratification of these agreement, constitutionally required so Egypt can receive the USD 1.5 bn tranches of these loans this year.

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