World Bank Supports Egypt of $ 3 Billion in New Deal

Egypt has signed a new deal with the World Bank to provide $ 3 billion in financing, Egyptian Investment Minister Sahar Nasr said Tuesday.

The minister said in a press statement that she discussed with Kristalina Georgieva, managing director of the World Bank during the joint meetings of the International Monetary Fund and the World Bank in Indonesia, arrangements for Egypt’s new financing.

The statement said that the new funding “comes within the framework of the confidence of the World Bank in the economic reform measures implemented by Egypt and its keenness to continue to provide support and assistance to Egypt to implement the program of economic and social reform.”

Meanwhile, Egyptian Planning Minister Hala Al-Saeed said in a statement that the country’s foreign exchange reserves cover its imports for nine months.

“The volume of the reserve was not covering three months of imports, but today the volume of reserves covers nine months of imports,” the minister said in the statement.

Egypt’s foreign reserves stood at $ 44.459 billion at the end of September, up from $ 44.419 billion in August.

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