Egypt asks World Bank for USD 400 mn in funding? International Cooperation Minister Sahar Nasr discussed with Asad Alam, the World Bank’s regional director for Egypt, a request for USD 200 mn to support labor intensive projects and another USD 200 mn to support SMEs. The Ministry’s statement did not give more details on the new funding request, but Al Mal says the funding would be provided in participation with the UK.

Egypt is still committed to repaying IOCs

Schedule to repay IOCs pushed back, says Oil Minister: Egypt remains committed to repaying arrears of USD 3.5 bn owed to international oil companies, but low FX reserves had delayed the schedule, Petroleum Minister Tarek El Molla told Reuters last Tuesday. Egypt has been making monthly payments to international oil and gas companies to prevent its overall debts from rising, El Molla added. Ministry officials had announced earlier that the government will use the second tranche of the World Bank’s USD 3 bn loan to repaying the arrears.

This comes as the government will be buying oil and gas from IOC’s at a fixed exchange rate of EGP 17 for the greenback after the EGP floatation, according to a memo from the EGPC to sector companies picked up by Al Borsa.