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World Bank says Egypt to get next $1 billion loan tranche by early Jan
16. November 2016
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The World Bank will provide the second $1 billion tranche of its $3 billion budget support to Egypt by early January, the bank's vice president Hafez Ghanem said on Tuesday.

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

"We are planning to go to our board of directors either by late in December or early in January, so we are talking of a matter of weeks," Ghanem told Reuters in the Moroccan tourist city of Marrakesh where he was attending the U.N. climate change conference (COP22).

The World Bank provided the first $1 billion to Egypt earlier in 2016. After the second $1 billion by January, the third chunk is expected to follow later in 2017.

In another boost for the Cairo government, the International Monetary Fund's executive board last week approved a three-year, $12 billion loan aimed at supporting Egypt's economic reforms, and the central bank said it had received a first tranche of $2.75 billion.

But the government is facing growing discontent over austerity measures required by its international lenders.

Last Friday calls for protests failed to take place, but they have gained traction on social media after Egypt raised fuel prices and floated its currency.

The government has tried to win public support for the austerity measures with a billboard campaign and media blitz and also sought to expand social security schemes to shield the poorest from the effects of the rising prices.