Government sources said Sunday in a statement to Shorouk News that Minister of International Cooperation, Sahar Nasr is negotiating for $ 8.5 billion, in order to finance development projects. Nasr managed to acquire $ 1.34 billion in two months and that sum is expected to increase to $ 3 billion by the end of the year, the sources explained. The sources pointed out that this sum is double the amount of funds acquired by the ministry in the past. The sources revealed that Egypt is expected to receive $ 1 billion from the World Bank and $ 500 million from the African Development Bank, as part of the first phase of loans provided by both banks, which amount to $ 4 billion and half a billion dollars over three years. The minister is negotiating on two loans each worth $ 500 million from the World Bank, in addition to the Kuwait Fund for Arab Economic Development's (KFAED) announcement of allocating $ 1.5 billion over five years to Egypt, the sources added. Also, the sources stressed that the Saudi Fund for Development (SFD), allocated $ 100 million to Egypt.
