World Bank gives Egypt $1 Billion Loan

Reuters news agency reports today that the World Bank issued another $1 billion loan to Egypt. This is the second installment of a $3 billion loan deal made after the 2011 Arab Spring that lead to the overthrow of Egypt’s President Hosni Mubarak. The first loan was made in 2015 with promises from the World Bank of two more installments of $1 billion. Dr. Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti stated, “The government has taken important steps in implementing key policy and institutional reforms that are laying down the foundations for accelerated job creation and inclusive growth”. According to the Reuters report, Egypt began a series of economic reforms such as lower fuel subsidies and made available its currency to the foreign exchange.

Reuters report found here: http://www.reuters.com/article/us-egypt-economy-loans-idUSKBN16R23O?il=0

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