Complex Made Simple

Egypt in negotiations to secure $ 4.5 billion to support development programmes

Government also expects to collect $2.5bn from the sale of land to Egyptians abroad

The Egyptian government is seeking $3 billion from the World Bank, in addition to $1.5bn from the African Development Fund to support development programmes in Egypt.

The government discussed the process of negotiating with the joint mission from the World Bank and the African Development Fund, the ways to support its programme of economic reform, reports UAE-based Aliqtisadi.

Minister of International Cooperation, Sahar Nasr, confirms that this type of financing will be paid on the spot, under the condition that the government decides how to use it in its programmes and various developmental projects, arguing that this is the right amount for the Egyptian government as it is a founding member and owns contribution funds in those institutions’ capitals.

It is worth mentioning that the Egyptian government already announced last week it will get new loans amounting to $1.5bn from the World Bank and African Development Bank.

The government also expects to collect $2.5bn from the sale of land to Egyptians abroad.

($1 = AED3.67, at the time of publishing)