WORLD BANK APPROVES $3 BILLION LOAN FOR EGYPT

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The Minister of International Cooperation, Sahar Nasr in a statement, has recently announced that the World Bank has approved a $3 billion loan for Egypt, to be disbursed over the next three years.
Nasr said the loan had a maturity of 35 years and carried an annual interest rate of 1.68 percent.
The minister said the loan would help the government secure economic growth. Egypt’s economy has suffered from political turmoil since an uprising in 2011.
Billions of dollars in financial support from Gulf Arab allies have helped keep the economy afloat.

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