World Bank approves 3 billion dollars loan for Egypt


The World Bank has approved a 3 billion dollar loan for Egypt, to be disbursed over the next three years. It has a maturity of 35 years and carries an annual interest rate of 1.68 percent. Most of the money will go into shoring up reserves which have halved since the 2011 unrest. Billions of dollars in financial support from Gulf Arab allies have so far helped keep the economy afloat.

The North African country is also set to sign a 200 million dollar grant deal with China sometime January next year. The projected financial grant will be invested in infrastructure, healthcare and Suez Canal development projects. China is Egypt’s second largest trading partner with a value of $5.9 billion in the fiscal year ending July.