2 billion $ from the Worldbank???

In June Egypt refused after weeks of discussion to take a US-$ 2 to 3,5 billion loan from the International Monetary Fund (IMF) as incompatible with national interests. The government changed the budget and raised some taxes to be able to refuse the loan, also it accepted loans from Saudi-Arabia and Qatar (see old posts).

Today the surprise: Egypt accepts US-$ 2 billion from the Worldbank, sister organization of the IWF. There was no big discussion about it so far. The money goes directly to the ministry of International Cooperation, part of it is granted, part loaned.

US$ 250 million are granted for the ministry employees, 330 million to modernize a railway line, 100 million for an irrigation system. Further 600 million to finance a power station near Cairo and 220 million for a wind energy station at the Gulf of Suez. A loan of about US-$ 1 billion is further negotiated to support to power stations.

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