Egypt gets second tranche of $3-billion World Bank loan

The second tranche would contribute to encouraging private sector investment and supporting growth projects that promote employment, the ministry said in a statement.

MENA

1 min read

The New Arab & agencies

21 March, 2017

Egypt has faced a serious foreign exchange shortage since the 2011 revolt [Getty]

Egypt received the second tranche of a $3-billion World Bank loan in support of the government's economic and social agenda on Monday, International Cooperation Minister Sahar Nasr said.

In a statement on the ministry's Facebook page, Nasr said the second tranche would contribute to "encouraging private sector investment and supporting growth projects that promote employment".

Cairo received the first tranche of the loan in September 2016.

The minister said the financing was part of a loan of eight billion dollars, "six billion to the government and two billion to support the private sector" for the period 2015-2019.

Since the 2011 revolt that drove president Hosni Mubarak from power, Egypt has faced a serious foreign exchange shortage, as political instability puts off tourists and foreign investors.

In November, the International Monetary Fund approved a $12-billion loan to Egypt, conditional on its adoption of ambitious economic reforms including reducing state subsidies on energy.