World Economy

Egypt to Get WB, ADB Loans

Egypt to Get WB, ADB LoansEgypt to Get WB, ADB Loans

Egypt will sign the final agreement on a $1 billion loan from the World Bank on the 19th of December, expecting to receive the money before this year’s end, International Cooperation Minister Sahar Nasr said, Albawaba reported. The loan, which would help ease a foreign currency shortage, could be the first of three loans that form part of a three-year program with Egypt, Hafez Ghanem, the World Bank’s vice president for the Middle East and North Africa, said in November. The government will also sign a $500 million loan agreement with the African Development Bank on the 15th of December.