Egypt Independent

Egypt to receive US$1 billion World Bank loan in March: CBE governor



Egypt will receive the second US$1 billion tranche of a US$3 billion World Bank loan in March, Central Bank Governor Tarek Amer said on Friday.
 
Amer told local broadcaster DMC in an interview that the central bank would provide US$1.5 billion for payments to foreign oil companies this year and that banks have started allowing foreign companies to repatriate profits.
 
He stressed that the central bank does not give instructions to banks regarding foreign exchange rates following its float of the national currency and said the effects of the November 3 float were not as bad as he had initially expected.