Egypt Independent

$1.5 bn worth of int’l loans to be channeled to State coffers before end of 2015: minister



International Cooperation Minister Sahar Nasr has said that the World Bank and African Development Bank have initialed two loans worth 4.5 billion dollars to be given to Egypt in three years.
 
Some 1.5 billion dollars will be channeled to State coffers before the end of this year, Nasr said in statements on the sidelines of the 20th Arab conference in Beirut.
 
The World Bank will lend Egypt US$3 billion, while the African Development Bank will provide 1.5 billion, the minister said.
 
The first phase of both loans will be channeled to State coffers before the end of this year at an interest rate of 1.5 percent and a grace period of five years, she made it clear. The loan should be paid back in 35 years, she noted.
 
Nasr believes the two loans send a message of international confidence in Egypt's economic program.
 
This should encourage investors and international bodies to do business in Egypt, she expected.