World Bank did not set conditions to give Egypt $1m loan

Media reports which claimed that the World Bank has placed conditions in order to give Egypt the one-million-dollar loan are totally bare of truth, sources with the International Cooperation Ministry said.

The World Bank gave Egypt the loan as per the economic reform program, which was submitted by the government and the measures taken during 2014 which entail gradual reduction of energy subsidies and provide a climate conducive to investment, added the sources.

In 2014, the government announced a reform program to overcome the reasons which led to the increase of budget deficit, said the sources, adding that the World Bank has lent its support to Egypt’s economic reform programs.