Egypt receives last $1B tranche of World Bank loan

CAIRO – 7 March 2018: Egypt received the third tranche, worth $1 billion, of the World Bank’s $3 billion loan, Minister of Investment and International Cooperation Sahar Nasr said Wednesday.

The tranche is the last in a series of three annual development policy loans issued by the World Bank from 2015 to 2017.

During a press conference at the Cabinet, Nasr added that Egypt received the third and last tranche, worth 500 million, of a $1.5 billion loan package from the African Development Bank (AFDB).

Egypt has further received the G7 countries’ pledges of $150 million as well as receiving $250 million from Germany and $170 million from France to support Egypt’s economic reform program, Nasr said.

Egypt received the first tranche of the World Bank loan in September.

Separately, the Board of Directors of the AFDB has approved in January to disperse the last tranche of its loan, saying that it will help meet the government’s financing requirement in fiscal year 2017/18.

The AFDB loan is intended to support government programs that aim to achieve social and economic development by creating new jobs and improving the business environment.