Egypt Declines World Bank Loan

Posted on by

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.

Read more about Egypt Declines World Bank Loan.

© 2011 ALMASRYALYOUM

Photo by Flickr user Acameronhuff

Leave a Reply

RELATED NEWS

  • How the World Runs on Looting the Congo
  • Congo’s Resource Curse, US Backed Atrocities & Refugee Industrial Complex
  • The Official Rwanda Story Unravels
  • Drone Wars Can’t Exist Without Decades-Long Genocide in Congo
  • WORLD NEWS

  • Venezuela Economy Minister—Sabotage, Not Socialism, is the Problem
  • Abby Goes to Venezuela
  • Abby Martin: World Ignores Opposition Violence at Venezuela Protests
  • Venezuelan Opposition Spreads Lies About U.S. Journalists, Inciting Violence, Death Threats
  • Buying a Slave – The Hidden World of US/Philippines Trafficking
  • The Sikh Experience in America
  • Israeli Army Veteran Gives Explosive Tell-All: “I Was the Terrorist”
  • President Correa on Fighting Poverty & Foreign Domination in Ecuador
  • Israel’s Illegal Settlements: What You Need to Know
  • Chevron vs. the Amazon – Full Documentary
  • Abby Martin Interviews President Rafael Correa on Empire & the Environment
  • Inside the Global Fight Against Corporate Impunity
  • Imperial Japan, the Bomb & the Pacific Powder Keg
  • Puerto Rico: 500 Years of Colonial Bondage & Resistance
  • How the World Runs on Looting the Congo