Thursday, July 20, 2017
News

World bank disburses another $1 billion loan to Egypt

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

CAIRO | Monday, Mar 20 2017 IST
 
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 on Monday.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.Faced with a gaping budget deficit, Egypt began a series of painful economic reforms and has taken steps to lower fuel subsidies, introduced a new value-added tax (VAT) and let its currency float freely in the foreign exchange market in November to attract foreign inflows.Hafez Ghanem, the World Bank's vice president for the Middle East and North Africa, told Reuters this month that Cairo's next set of economic reforms should focus on making its bureaucracy more transparent for investors.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.REUTERS CJ BD2344

-- (Reuters) -- C-1-1-DL0400-1196721.Xml

Watch News Videos

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
TRENDING TOPICS
 
 
 
CITY NEWS
MORE CITIES
INDIA WORLD ASIA
Fire breaks out at godwon in Anand Parba...
Congress MPs stage walkout over Javadeka...
Amazon launches shopping social network ...
T V Programme...
Three killed in accident in Bihar...
Bullion Market Opening Rates...
More...    
 
 Top Stories
RIL to invest in Balaji Telefilm... 
Heavy rain likely in Madhya Maharas... 
RIL Q1 net up by 28.05 per cent... 
Delhi Police nabs daylight robbers,... 
RIL invests Rs 413 crores in Balaji... 
Yogi congratulates Kovind for being... 
Devegowda suggests PM to get Women ... 
Vijays Joy claims Madras Race Clu C...