Egypt accepts $2 billion from the World Bank

The Ministry of International Cooperation has accepted US$2 billion in grants and loans from the World Bank under the Partnership for Development Program.

The Minister for Planning and International Cooperation Fayza Abouelnaga signed a grant coming from the World Bank’s International Support Fund of US$247 million for ministry employees dealing with international and regional organizations and financial institutions. She will also sign a US$330 million loan for the modernization of the railway line between Beni Suef and Assiut, in addition to another US$100 million loan for modernizing an irrigation system in the New Valley region. The World Bank will also give Egypt a loan of US$600 million to finance the North Giza power station, and another two totaling US$219.75 million to connect the Gulf of Suez wind energy station to the main electrical grid. There are further negotiations with the bank for a loan of US$400 million for the second stage of the North Giza power station, and US$585 million to finance the South Helwan power station.

Egypt, estimating its needs in international funding until mid- 2012 between $10 and 12 billion, had requested loans worth roughly $6 billion from the International Monetary Fund and the World Bank, but withdrew in June for the sake of a greater economic independence.

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    German-Arab Chamber of Industry and Commerce
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    British Egyptian Business Association
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    French Chamber of Commerce in Egypt
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    Delegation of the European Union to Egypt
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    Italian Chamber of Commerce in Egypt