Egypt eyes World Bank, Africa Development Bank aid after sealing IMF deal

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IMF Managing Director Christine Lagarde (L) talks with Egypt’s Prime Minister Hisham Kandil during their a news conference at the cabinet headquarters in Cairo, 22 August 2012. Photo – Asmaa Waguih/Reuters

Egypt’s prime minister said on Sunday he expected to reach a $4.8 billion loan deal with IMF in the next few weeks and is holding talks for additional budget support worth about $1 billion with the World Bank and the African Development Bank (AfDB).

Cairo has been negotiating with the International Monetary Fund since last year, when a popular uprising brought down Hosni Mubarak’s almost three-decades old rule and sent the economy crashing.

“These (IMF) negotiations have been going on for a year, so we have a framework for a good program. We need to adjust it and make sure we’re comfortable with it and can implement it, and that we own it,” Hisham Kandil told Reuters in an interview.

He also said Egypt was in talks with the World Bank and AfDB while adding: “I think we’ll get half a billion from the WB and a similar one from the AfDB,” he said. “It comes after the IMF.”

Saudi Arabia and Qatar have pledged billions of dollars to support Egypt, including budgetary support.

The Egyptian prime minister added that a delegation of Kuwaiti officials and business executives would return to Egypt on Thursday to assess the economic situation firsthand.

“They are coming this Thursday in a big delegation to talk business… Government and businessmen,” he said.

Asked about any talks with the United Arab Emirates about support, Kandil said he was working to resolve a business dispute with a UAE investor.

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