Egypt to get $ 3B from World Bank

Egypt will receive a 3-billion dollar loan from the World Bank in installments over the next three years to support the state’s budget according to finance minister Hany Kadry Dimian.

The minister, speaking on the side-lines of an economic conference in Cairo, said that the country was also negotiating for another 500 million dollar loan from the Africa Development Bank.

Prime Minister Sherif Ismail was also quoted from the same function saying that the government was aware prevailing economic conditions and the budget deficit but that it would be handled gradually.