Home > Global news > Egypt Declines World Bank Loan as Incompatible with National Interest

Egypt Declines World Bank Loan as Incompatible with National Interest

Wednesday, 22 June 2011 14:00

‘The government has declined a loan from the World Bank because it found the terms of the loan incompatible with the national interest, Egyptian Minister of Planning and International Cooperation Fayza Abul Naga said on Monday.

The minister added that the government would not accept conditions dictated by the World Bank or the International Monetary Fund, especially since the 18-day uprising that toppled former President Hosni Mubarak.

However, Abul Naga said the Saudi government has granted Egypt a loan of US$200 million to be directed to small and medium enterprises.’

Read more: Egypt Declines World Bank Loan as Incompatible with National Interest

Categories: Global news
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