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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.

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