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Wednesday, 7 December 2016

Egypt has borrowed USD 24 bn in development loans over the past year and a half

Egypt has borrowed USD 24 bn in development loans over the past year and a half, said International Cooperation Minister Sahar Nasr. In an interview with Al Ahram, Nasr stressed that Egypt’s burrowing for development projects was not excessive and that these loans only make up 6% of public debt and 35% of all external debt. 49% of these loans went into electricity projects. This comes as Nasr attended the signing of a USD 3.5 mn grant from the UN to fund developing a solar panel factory yesterday, Al Shorouk reports. Saudi funding for Sinai projects remains on track, said Nasr in response to questions over whether the rift with Saudi Arabia had impacted funding.

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