Egypt Set For Economic Revival With Approved $1 Billion World Bank Loan

Egypt is set for a $1 billion loan from the World Bank as part of the economic reform programmes targeted at rebuilding the country after a period of political instability. The North African nation had a $3 billion loan request approved by the World Bank in December 2015 and the first batch of $1 billion is set to be released upon completion of all necessary paper works. In addition to that, Egypt recently received a loan of $500 million from the African Development Bank to support its budget for 2016. Egypt has seen its development derailed since a 2011 political uprising and has now set sight on rebuilding and reviving the economy after a period of calm. A number of African countries, including West African giant Nigeria, are also said to be looking to the World Bank for support in view of the global economic recession instituted by the crash in crude oil price and the attendant reduction in government revenue. Read more on how Egypt is gearing up for an economic revival here: Egypt hopeful of $ 1 billion loan from World Bank