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Egypt Business Directory  |  24.08.2011

News of $2 billion grant for Egypt from the World Bank refuted

Senior Communications Officer of WB in Egypt states that the World Bank never claimed it would grant the money to Egypt.
Eman Wahby, World Bank’s Senior Communications Officer in Egypt, refuted the news story entitled: “Egypt accepts US$2 billion from World Bank”, published in AlMasry AlYoum newspaper on the 11th of August.

The news had been circling in the media stating that the World Bank offered the Egyptian Ministry of International Cooperation $2 billion in grants and loans, yet Wahby had asked media institutions to remove it.

“The news indicates that we gave Egypt $2 billion recently and at once, but this is not true. The original source of this information just added all the money we had given Egypt over the years, and made it sound like the resulting sum [of $2 billion] was a new grant,” Wahby told Egypt Business Directory in a phone-interview.

The information was published on Egypt Business Directory on the 15th of August "Egypt accepts US2 bln from World Bank" and re-published on the 21st of August 2011 "World Bank grants Egypt $2 billion".

The World Bank is committed to supporting development in Egypt since 1945 and creating an environment for sustainable economic growth, not only in the Middle East, but in more than 100 countries around the world.

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