World Bank's loan gives credibility to Egypt's economy

"The three-year loan is aimed at providing Egypt with its import needs," Ismail told a press conference.

"Egypt's imports are valued at $66 billion, which requires paying attention to the national industry," he added.

He pointed out that the loans are temporary measures to provide the basic needs necessary for Egypt to recover.

"Several measures have been taken to support the exports," he said.

Egypt is targeting a GDP growth rate of close to 6 percent and a reduction in its budget deficit to 8.5 percent by the end of the 2017-18 financial year, Ismail added.

As for an Egyptian-Saudi coordination meeting, Ismail said that the Saudi Deputy Crown Prince, the Second Deputy Prime Minister and the Minister of Defense will start a visit on Tuesday within the framework of the friendly relations.

During the visit, a number of projects and memorandums of understanding that are of interest to the Saudi side will be discussed in the fields of tourism, agriculture, energy, education, electricity linkage, housing and double taxation, he added.