Egypt Eyeing IMF, World Bank Loans

Egypt is in talks with the World Bank and International Monetary Fund over loans totaling some $6 billion, the Arab country’s finance minister said on Tuesday (April 26).

“We are negotiating with IMF for loans of between $3-4 billion and with World Bank for about $2.2 billion,” Samir Redwan said on the margins of a meeting of the Egyptian premier with Kuwaiti businessmen in Kuwait.

Masood Ahmed, IMF director for the Middle East and Central Asia, said on April 15 that the fund is evaluating the needs of Egypt following the country’s political crisis early this year.

>> At IMF-World Bank Spring Meeting, Fragile States High on Agenda

Meantime, Redwan said Egypt is also seeking assistance from Arab countries. The Egyptian government is expected to request a further $100 million in soft loans from the state-run Kuwait Fund for Arab Economic Development, he added, according to Agence France-Presse.

Read more development aid news.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.