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Thursday, 8 March 2018

Egypt receives third and final USD 1 bn tranche of World Bank’s USD 3.15 bn development loan

Egypt received the third and final USD 1 bn tranche of the World Bank’s USD 3.15 bn development loan, Investment and International Cooperation Minister Sahar Nasr announced yesterday Reuters reports. The bank’s executive board had approved the disbursal of the final tranche in December. Top state officials had said at the time that the tranche would be used to bolster FX reserves, while its EGP equivalent will be paid out to different government offices and ministries to help finance development projects under their administration. Separately, Nasr said that Egypt also received USD 150 mn from the G7, but did not provide further details.

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