Back to the complete issue
Wednesday, 16 November 2016

World Bank to deliver second tranche of USD 3 bn loan by January

Egypt will receive the second USD 1 bn tranche of a USD 3 bn World Bank loan by early January, the World Bank’s Vice President Hafez Ghanem tells Reuters. “We are planning to go to our board of directors either by late in December or early in January, so we are talking of a matter of weeks," he said to the newswire at the COP22 UN climate change conference. Egypt and the World Bank had signed an agreement last December and the country had been anticipating the second tranche since early 2016. The country is also waiting to receive USD 500 mn from the African Development Bank, the second tranche of a USD 1.5 bn facility.

Meanwhile, the IMF apparently told Al Mal that it will publish the details of the USD 12 bn loan agreement with Egypt in two weeks. The documents which will be released will include the letter of intent signed by the government, which reportedly outlines the conditions for the bailout and its terms.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.