Minister of Petroleum and Mineral Resources Tarek El Molla told Daily News Egypt that discussions are ongoing with the Ministry of International Cooperation to obtain part of their loan of dollars.
El Molla explained that the amount will be allocated for the repayment of foreign partners’ dues. In order to fulfill the ministry’s promise to pay part of the remaining $2.9b by the end of the year.
Minister of International Cooperation Sahar Nasr said in a statement Friday that negotiations are ongoing with the World Bank to obtain $3b, as well as $1.5b from the African Development Fund (ADF) in order to support development programs. She explained that this kind of financing is usually provided immediately; however, the government must decide which programs and development projects to allocate it to. Adding that a joint delegation from the World Bank and the ADF is currently visiting Egypt.