World Bank approves second $1 billion loan tranche to Egypt

According to media reports, the World Bank approved the second $1 billion loan portion to Egypt as part of its $3 billion loan commitment to support the country’s economic reforms. The officials reported that the third tranche of the loan is linked to the future reform plans of the Egyptian government.

Previously, Egypt secured loans from the International Monetary Fund (IMF), the African Development Bank as well as some other international banks to recover from economic difficulties and to alleviate the country’s hard currency shortage.