Egypt to receive $3 billion loan from World Bank

Egypt will receive a $3 billion loan from the World Bank in instalments over the next three years to support the state's budget, the finance minister said on the sidelines of an economic conference on Wednesday.

"The government is aware of the economic conditions which we're passing through, and there is a deficit in the budget and we have to handle it gradually," the prime minister said in separate remarks at the same conference.