Egypt will receive "within hours" USD500 million as part of a loan from the African Development Bank (AfDB), Minister of International Cooperation Sahar Nasr told Ahram Online on 30 December. The sum, which is part of a USD1.5 billion loan agreement reached between Egypt and the AfDB earlier this month, will arrive "if not today then tomorrow," Nasr said. As for the first USD1 billion tranche of a USD3 billion loan from the World Bank (WB) agreed upon on 19 December, the withdrawal forms will be submitted in January once it receives final ratification by Egypt, said the Minister. The WB loan is currently being reviewed by the State Council following approval from the Egyptian cabinet and President Abdel-Fattah El-Sisi, said Nasr. "We finished the AfDB loan procedures first because it is critical that this money arrives before the end of the year," Nasr said, citing "commitments and late dues for oil and electricity." The minister refuted media reports that the introduction of a value added tax (VAT) was a condition for Egypt to obtain the World Bank loan. However, the Minister stressed that the government "needs to do it," in reference to the yet to be finalised tax. "The question is whether we ratify it now or wait a few days for the new parliament to ratify it," she said. (ahramonline)