Egypt received first USD1bn tranche of World Bank USD3bn loan, International Cooperation Minister said
Egypt received on Friday the first USD1bn tranche of World Bank USD3bn loan, Minister of International Cooperation, Sahar Nasr, said in a statement. The World Bank had agreed to provide the first tranche in December last year, conditional on an economic reform programme that includes Value-Added Tax (VAT), which was approved by Parliament last month. Nasr also told reporters the government had already started negotiations for disbursement of the second tranche, which could happen in early 2017. (Reuters, Al Borsa)
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