World Bank approves $1 billion loan to Egypt
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The World Bank Group has announced a $1 billion loan to Egypt, the first installment of an $8 billion financing plan to help the country carry out key economic reforms.
Thursday's statement says the $8bn loan will be disbursed over a four-year period to support Egypt's efforts to "renew its social contract with its citizens." It said future loan instalments would be dependent on the country's progress in carrying out economic reforms. The loan will provide much-needed foreign currency to Egypt, which has struggled economically in the wake of the 2011 uprising.
