In Egypt World Bank approves $3 billion loan: cooperation minister

The minister said the loan would help the government secure economic growth.

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A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo October 10, 2012. REUTERS/Kim Kyung-Hoon play A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo October 10, 2012. REUTERS/Kim Kyung-Hoon (Reuters)
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The World Bank has approved a $3 billion loan for Egypt, to be disbursed over the next three years, International Cooperation Minister Sahar Nasr said in a statement on Thursday.

Nasr said the loan had a maturity of 35 years and carried an annual interest rate of 1.68 percent.

READ: Country expects $1.5B in aid by year-end, eyeing IMF

The minister said the loan would help the government secure economic growth.

Egypt's economy has suffered from political turmoil since an uprising toppled autocrat Hosni Mubarak in 2011.

Billions of dollars in financial support from Gulf Arab allies have helped keep the economy afloat.

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