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FINANCIAL NEWS
Egypt receives first USD1b of World Bank loan
10 Sep 2016
(MENAFN) The International Cooperation Ministry stated that Egypt received of Friday the first USD1b of a total USD3b three-year loan from the World Bank, that aims to support the government’s reform program.
The World Bank had agreed to provide the first tranche in December, but was waiting for the government’s economic program to be passed by parliament.
However, Egypt had reached an agreement with the International monetary fund in August for USD12b in three-year lending program.
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CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
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