World Bank lends Egypt last low interest loan worth $550 million

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.