Egypt negotiates for 3rd tranche of WB’s loan

Egypt negotiates for 3rd tranche of WB’s loan
(Photo Credit: Press Release)

Cairo – Mubasher: Sahar Nasr, Egypt’s minister of investment and international cooperation, held discussions with Hafez Ghanem, the World Bank's vice president for the Middle East and North Africa, to begin negotiations over the third tranche worth $1 billion, Al Youm 7 reported.

The third tranche is part of the $3 billion funds provided by the World Bank (WB) to support the government’s economic reform program.

The possible areas of the WB’s support for microfinance in Egypt were also discussed, Nasr added on the sidelines of WB’s spring meetings in Washington.

The WB is optimistic about the economic reforms the government has taken, amid expectations that Egypt will achieve 4% growth rate this year.

Source: Mubasher