WB approves $240 loan to Egypt

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WB approves $240 loan to Egypt

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The World Bank said Tuesday it had approved a $240 loan to Egypt.

15 February,2012 02:20 am

Itcomes on the back of $600 million in financing for the 1500 megawatt project set in 2010.The project is the most effective way to quickly strengthen the ability of the power sector to cover the gap in electricity supply and serve more than five million households, the Bank said in a statement.In early February Egypt asked the World Bank for a $1.0 billion loan to help it rebuild its economy.In addition, Cairo is in talks with the International Monetary Fund over an estimated $3.2 billion loan to help bridge its fiscal shortfalls as it attempts to recover from the political upheaval of the past year.