CAIRO: The Egyptian government has requested a $1 billion loan from the World Bank, the international financial institute said on Thursday. According to the statement from the WB, it will begin discussions with Egypt over the details of a possible loan in the near future. “The World Bank has received an official request from the Egyptian authorities to support their economic program,” Inger Andersen, World Bank vice president for the Middle East and North Africa, said in a statement. It comes after Egypt said last month it would request a $500 million loan from the World Bank and another $500 million from the African Development Bank to help it fill a budget gap that has widened over the past year as a result of political and economic tension and clashes in the country. World Bank President Robert Zoellick announced last year that the development lender would make $4.5 billion available over 24 months for Egypt. Egypt is also in talks with the International Monetary Fund on a possible $3.2 billion loan to help stabilize its economy. The fund has said any agreement would need broad political support as the country prepares for elections, in which Egypt's ruling army would transfer power to civilians. BM ShortURL: http://goo.gl/6JHgX Tags: Economy, featured, Loan, World Bank Section: Business, Egypt, Latest News
