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Egypt signs $1 billion World Bank deal as war compounds economic pressures

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The National
“Egypt signs $1 billion World Bank deal as war compounds economic pressures”

Egypt has signed a $1 billion financing agreement with the World Bank, the latest foreign funding for an economy buffeted by regional war, a sliding currency and rising prices. The deal, signed by Foreign Minister Badr Abdelatty on Sunday, is the second of three concessional development policy operations. Approved by the bank's board in May, it includes a $200 million British credit guarantee and is tied to reforms of state-owned enterprises, competition rules, tax collection and the cost of…

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