March 20, 2017 / 5:25 PM / in 8 months

World bank disburses another $1 billion loan to Egypt

CAIRO, March 20 (Reuters) - The world bank has disbursed a further $1 billion in financial assistance to Egypt out of its $3 billion loan programme with the country, The World Bank said in a statement on Monday.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy hit by political upheaval since a 2011 revolt and to ease a dollar shortage that has crippled imports and hampered its recovery.

“The government has taken important steps in implementing key policy and institutional reforms that are laying down the foundations for accelerated job creation and inclusive growth,” said Dr. Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti in the statement. (Reporting by Lin Noueihed; Writing by Amina Ismail; Editing by Hugh Lawson)

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