Egypt said on Thursday it would ask the World Bank for a $500 million loan and another $500 million from the African Development Bank to help it fill a budget gap widened by a year of political and economic turmoil.
Planning and International Cooperation Minister Faiza Abu el-Naga, speaking to reporters, said Egypt had also persuaded the International Monetary Fund (IMF) to reduce the interest rate it would charge on proposed $3.2 billion budgetary support package.
"We have achieved a reduction from the IMF on the interest rate on the loan from 1.5 to 1.1 percent," she said, adding that this would put it more in line with interest rates worldwide.
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