World Bank promises Egypt US$1 billion loan

World Bank promises Egypt US$1 billion loan

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Thu, 13/12/2012 - 22:35

The World Bank plans to support Egypt’s economic reform plan with a US$1 billion loan to create new programs to reduce poverty, the delegation said at a meeting with Prime Minister Hesham Qandil on Thursday.

During the meeting, Qandil briefed the delegation on developments in his 22 month-long reform plan.

The delegation also said the World Bank would be willing to support the development of government institutions and strengthen the social security system. They added that Egypt’s potential to fight poverty is greater than in other countries, given Egypt's existing infrastructure that would help implement such programs.

Egypt also seeks to obtain a loan of US$ 4.8 billion from the International Monetary Fund to offset its budget deficit of US$27.5 billion, and another US$14.5 billion from other international donors. A delay on the IMF loan was requested earlier this week.

Edited translation from MENA