World Bank disburses second tranche of USD 3 bn development loan

The World Bank disbursed the second USD 1 bn tranche of its USD 3 bn development loan to Egypt yesterday, Reuters reports. “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,” the bank’s country director for Egypt, Yemen and Djibouti, Asad Alam, said. The funds will, in the meantime, shore up Egypt’s foreign reserves, according to remarks that Al Masry Al Youm attributes to Deputy Finance Minister Ahmed Kouchouk’s. Egypt had received the first tranche of the loan last September and will be negotiating the disbursement of the third and final tranche in Washington at the end of next month, the World Bank Group’s Egypt Executive Director Mezra Hassan told AMAY.