Negotiations on $3 bn World Bank loan move to Washington

Negotiations between the Egyptian government and the World Bank over a loan have been transferred from Cairo to Washington, DC.
Minister of International Cooperation Sahar Nasr visited Washington Tuesday for negotiations between the government and the World Bank for a loan worth US$3 billion.
World Bank representatives in Egypt started negotiations a few weeks earlier with the minister in Cairo.
The minister told Al-Masry Al-Youm she presented the Egyptian government's economic and social reform efforts and measures taken to improve the investment climate.
Nasr met with two deputies from the World Bank, including World Bank Vice President for the Middle East and North Africa Hafez Ghanem, who confirmed the bank's full readiness to cooperate with Egypt.
The loan will be used to fund Egyptian national projects, according to the minister.
Nasr discussed with the World Bank officials aspects of future cooperation with the bank, reducing poverty, creating job opportunities, the completion of infrastructure projects, achieving social justice and establishing small medium-sized and micro projects as well as labor-intensive projects.
The Egyptian stock indexes meanwhile tumbled at the end of Tuesday's trading session as the market capitalization of the listed stocks lost LE13.4 billion, closing at LE425.8 billion. The main stock index fell by 4.4 percent.
Edited translation from Al-Masry Al-Youm

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