International Cooperation Minister Sahar Nasr briefed Prime Minister Sherif Ismail on Sunday on the results of her negotiations with the World Bank and the African Development Bank for a US$4.5 billion loan.
The minister said she has reached a preliminary agreement for $1.5 billion as a first installment expected before the end of the year ($1 billion from the World Bank and $500 million from the African Bank).
She added that Egypt will receive the rest of the loan over a three year period at an interest rate of 1.86 percent with a repayment grace period of three years. The loan would be completely settled in 35 years.
“Egypt is a member of these institutions and has shares in them,” Nasr explained. “These loans are important for the government's reform program.”
She also said that she is traveling to Washington and several European capitals to present the government's economic and social reform program, which has prioritized the interests of the low-income social classes. “Agreements with such international institutions consolidate confidence in the Egyptian economy,” she said.
Edited translation from Al-Masry Al-Youm
