World Bank lends Egypt last low interest loan worth $550 million
Egypt, Economics, 7/29/1999

The World Bank has agreed to present loans to Egypt with a value of $550 million to finance six major projects, including stations for irrigation and drainage in the Nile, upgrading the rural area of Sohag, and upgrading secondary education, where the social fund for small projects has support from the the private sector.

Sahar Nasr, the official speaker of the World Bank's commission in Egypt, said this time will be the last that Egypt will have easy loans, which will be paid throughout 35 years with an allowance period of 10 years and interest of 1%.

Nasr added that several months ago, the WB promised to offer Egypt these loans before Egypt could be moved up in classification category to the level of a middle-income countries, which has no right to receive these easy loans.

Previous Stories:
  LE 12 million loan for social development projects in Egypt   (7/9/1999)
  Prince Talal gives 5 million pounds to Egyptian bank for the poor   (7/9/1999)
  Financial negotiations start between US export bank, Egyptian corporations   (7/1/1999)
  Mubarak: Buy and promote local products to protect jobs, unwise consumption hurts Egypt   (6/15/1999)

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