Tut Group launches its operations in Egyptian market for exporting Egyptian products    Sisi follows up on Egypt's food security, retail sector development    Gold posts modest gains on July 15th    China's urban jobless rate eases in June '25    Egypt's Health Minister reviews drug authority cooperation with WHO    Egypt's PM orders 60,000 new homes for Alexandria's unsafe buildings    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Escalation in Gaza as Israeli airstrikes intensify, ceasefire talks stagnate    Agriculture Minister discusses boosting agricultural cooperation with Romania, Moldova    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Aboul Naga aide says she was misquoted, World Bank denies cancellation of loan to Egypt
The minister of international cooperation denied that Egypt rejected a World Bank loan due to unfavourable conditions
Ahmed Feteha Published in Ahram Online on 22 - 06 - 2011

Egypt's minister of planning and international cooperation, Fayza Abul Naga, denied a report published in several Egyptian newspapers on Tuesday that Egypt has declined a World Bank loan because its terms were incompatible with Egypt's national interest.
Fayza Aboul Naga's office manager told Ahram Online that the minister was misquoted as her words were taken out of context. He added that the office was preparing a statement for the World Bank, clarifying the minister's position.
Ahram Online holds a letter dated 2 May 2011 from Mrs. Aboul Naga addressing the World Bank's Country Development Director, confirming the extension of a World Bank loan amounting to US$2.2 billion for budget support.
The ministry of Finance provided Ahram Online with a statement indicating that acquiring loans from international organisations boosts confidence in Egypt's economy in the international community. The statement also explained that the suggested World Bank loan comprises only 7 per cent of needed funding to cover the budget deficit in 2011/2012.
For their part, as a reaction to what was published today about Egypt declining their loans due to unfavourable conditions, the World Bank issued a press release that implied that the loan has not been cancelled and that the World Bank does not grant conditional assistance.
The release stated that negotiations are currently underway to grant Egypt a loan amounting to $4.5 billion over the next two years.
It also indicated that the central aim of their loan programme is to support the Government's "efforts to expand access to information, enhance transparency and accountability, and generate employment opportunities".
The release also insisted that the bank "dialogues" such conditions, indicating that the Egyptian authorities have the upper hand in determining how fast such reforms are to be delivered.
World Bank loans are notoriously perceived to come with a baggage of associated economic policies, generally favouring free market practices over social benefits.
Egypt's finance ministry, the main caretaker of Egypt's finances, completely denied Aboul Naga's statement, in what was perceived as a possible squabble between ministries of the economic group in the interim cabinet.

Clic here to read the story from its source.