The Egyptian General Petroleum Company (EGPC) may receive a portion of the $3b World Bank loan granted to Egypt, Al Mal reports. EGPC Head, Mohamed Al-Masry said that the money was to serve to repay some of its debts to foreign oil operators.  An official told Al Mal that $500m of the loan will go towards debt repayment, out of the overall $2.9b dues.

However, the report is denied by Egyptian Minister of International Cooperation, Sahar Nasr, saying that the World Bank loan will not go towards oil debt repayment, and rather that it will cover costs of national projects. She added that the loan represented the confidence vested in Egypt’s economy and the value of ongoing reforms.

The World Bank loan is provided at a 1.68% interest rate to be repaid over 35 years. The loan provides foreign currency to an Egyptian monetary system facing a severe shortage of dollars.