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Thursday, 2 March 2017

IMF coming in March, Nasr looking for USD 1 bn second tranche of USD 3 bn development loan

The IMF may not be here in March, but World Bank will be: A delegation from the World Bank Group is reportedly coming to town in the first half of March to discuss progress on Egypt’s economic reform agenda, said Investment and International Cooperation Minister Sahar Nasr. The World Bank has yet to send over the second USD 1 bn tranche of its USD 3 bn development loan to Egypt, which CBE Governor Tarek Amer said last weekend would arrive this month. Nasr had also engaged in talks back in January with the World Bank for USD 400 mn in funding for labor-intensive projects and SME development. Nasr’s statements follow a ministerial coordination meeting on raising Egypt’s ranking in the Doing Business report, Ahram Online reports.

This comes as the Trade and Industry Ministry is currently negotiating a new USD 150 mn funding facility with the World Bank for infrastructure development, social services, and training and employment opportunities in the poorest areas, Minister Tarek Kabil said, according to Al Masry Al Youm.

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