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Wednesday, 6 December 2017

World Bank to issue USD 1.15 bn development loan tranche to Egypt

The World Bank announced yesterday that its executive board has approved thedisbursal of a USD 1.15 bn tranche of a USD 3.15 bn development loan to Egypt. “This loan is the last in the series of three annual loans — called the Fiscal Consolidation, Sustainable Energy, and Competitiveness Development Policy Financing loans — worth a total of USD 3.15 bn,” which had been paid annually from 2015-2017, the World Bank said in a statement. The government expects the funds to be issued within the next 48 hours, top state officials tell Youm7. The amount will be used to bolster FX reserves, which grew slightly during November to reach USD 36.723 bn, while its EGP equivalent will be paid out to different government offices and ministries to help finance development projects under their administration.

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