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Egypt receives $1bn loan from World Bank

A protester raises his fist next to the Egyptian flag with the words, "We Love Egypt" as he shouts slogans against the government and military rulers after Friday prayers at Tahrir square in Cairo [REUTERS/Mohamed Abd El-Ghany]
A protester raises his fist next to the Egyptian flag with the words, "We Love Egypt" as he shouts slogans against the government and military rulers after Friday prayers at Tahrir square in Cairo [REUTERS/Mohamed Abd El-Ghany]

The World Bank has disbursed another $1 billion in financial assistance to Egypt out of its $3 billion loan programme with the country, the bank said in a statement today.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy hit by political upheaval since a 2011 revolt and to ease a dollar shortage that has crippled imports and hampered its recovery.

“The government has taken important steps in implementing key policy and institutional reforms that are laying down the foundations for accelerated job creation and inclusive growth,” said Dr Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti, in the statement.

The World Bank issued the first $1 billion tranche of the loan in 2015, with two more instalments of the same size to follow, linked to additional reforms that the government planned.

Egypt expects to receive the second tranche of a $12 billion International Monetary Fund loan in May or June, Finance Minister Amr El-Garhy told Reuters last week.

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