UK supports World Bank’s loan to Egypt with $150M

CAIRO – 8 December 2017: The United Kingdom contributed $150 million in loan guarantee to the World Bank’s $3.15 billion three-year loan program for Egypt.

A statement on Friday from the British Embassy in Cairo said that the loan will strengthen public finances, improve the investment climate and create jobs.

The loan guarantee will help the Egyptian government in repaying the $3 billion loan from the World Bank, originally announced in December 2015.

“As Egypt’s number one economic partner, the UK promised to stand shoulder to shoulder with Egypt through this difficult year, and this week, we deliver a $150 million loan guarantee to support Egypt in achieving its goal of a reformed economy,” UK Ambassador to Egypt John Casson said.

Egypt’s Minister of Investment and International Cooperation Sahar Nasr signed a deal on Friday with the World Bank Group’s country director for Egypt, Yemen and Djibouti Asad Alam in order to receive the least tranche, which is worth $1.15 billion of the bank’s development loan.

Nasr signed the agreement during the Africa 2017 Forum, which is taking place in Sharm El-Sheikh from December 7 to 9.

The $1.15 billion loan, which supports Egyptian economic reforms that aim to create jobs, ensure energy security, strengthen public finances and enhance business competitiveness, includes financing contributions of $500 million from the World Bank Group and $500 million from the African Development Bank.