Egypt Declines World Bank Loan

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ALMASRYALYOUM– 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.

Last week, The Wall Street Journal said Egypt was wary of the United States’ recent offer of financial support, doubting possible ulterior motives behind it.

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© 2011 ALMASRYALYOUM

Photo by Flickr user Acameronhuff

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