$500m WB loan for Egyptian financial reforms
Afp, Washington
The World Bank has announced a 500-million-dollar (395-million-euro) loan to Egypt for planned reforms to its fiancial sector. "The main objective of this loan is to integrate government and donor activities under three broad themes to improve Egypts macroeconomic stability," the World Bank said in a statement late Thursday. These were "reforming the banking system, reforming the contractual savings system (and) strengthening capital markets and mortgage finance", it said. The loan has a grace period of eight years and a maturity of 20 years, the statement said.
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