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Egypt wants second tranches of World Bank, ADB loans by year-end -PM
September 29, 2016 / 8:16 AM / a year ago

Egypt wants second tranches of World Bank, ADB loans by year-end -PM

CAIRO, Sept 29 (Reuters) - Egypt wants to receive the second tranches of World Bank and African Development Bank (ADB) loans before the end of this year, Prime Minister Sherif Ismail told Reuters on Thursday.

Egypt received $1 billion earlier this month, the first tranche of a $3 billion three-year loan from the World Bank aimed at supporting the government’s economic reform program.

It also received $500 million from the ADB, the first tranche of a $1.5 billion package. It is due to receive the second $500 million tranche by the end of the year.

Asked if the second tranches would be received before the end of the year, “we are seeking for it to (arrive) before then,” Ismail said. (Reporting by Ehab Farouk, writing by Asma Alsharif; Editing by Toby Chopra)

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