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Tuesday, 4 September 2018

World Bank offers USD 500 mn loan to support Egypt’s cash-subsidy programs

The World Bank has offered a USD 500 mn loan to support Egypt’s cash-subsidy programs: The news of potential limits on fresh debt comes as the World Bank has offered Egypt a USD 500 mn loan to support its Takaful and Karama cash-subsidy programs, Social Solidarity Minister Ghada Wali tells Al Mal. According to the minister, the World Bank’s review of the programs and their impact on registered families earlier this year earned the government significant praise, pushing the bank to offer a facility to further support the programs. Wali did not disclose further details on the negotiations over the financial package or when she expects the agreements will be signed. A senior government official had told us back in July that the Madbouly government put in a request for a USD 2 bn facility from the bank to help “support Egypt’s economic reform measures.”

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