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Tuesday, 12 March 2019

El Sisi ratifies USD 1 bn loan from World Bank

President Abdel Fattah El Sisi has ratified a USD 1 bn loan from the World Bank to support the next phase of his administration’s economic reform program, according to a piece in state news agency MENA picked up by Al Mal. The facility is earmarked to support development of Egypt’s private sector and encourage entrepreneurship and SME development. The House of Representatives in January signed off on the facility, which came with its own set of conditions, similar to those of the IMF’s USD 12 bn extended fund facility: improve the business climate, support SMEs and entrepreneurship, curb energy subsidies, and come up with a strategy for debt control.

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