Egypt's ruling military council is set to agree to take foreign funding worth $650 million from the World Bank, European Investment Bank and other institutions, a minister said on Wednesday.
The military has previously shown reluctance to build up foreign debts because it only holds power in Egypt for a transitional period. However, some economists say worsening economic conditions mean the country may now need as much as $15 billion to stave off a full-blown financial crisis.
Planning and International Cooperation Minister Faiza Abu el-Naga told reporters that $85 million of the package, for development projects, would be a non-reimbursable grant.
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