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World Bank Approves $360 Million Loan for Egypt

The World Bank’s first project in the Middle East focuses on promoting the Egyptian women’s role. (Reuters)
The World Bank’s first project in the Middle East focuses on promoting the Egyptian women’s role. (Reuters)
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World Bank Approves $360 Million Loan for Egypt

The World Bank’s first project in the Middle East focuses on promoting the Egyptian women’s role. (Reuters)
The World Bank’s first project in the Middle East focuses on promoting the Egyptian women’s role. (Reuters)

The World Bank has approved a $360 million development policy financing (DPF) loan to support Egypt’s post-pandemic recovery, Minister of International Cooperation Rania al-Mashat said on Thursday.

"To further support achievement of the operation's development objectives, the Asian Infrastructure Investment Bank is considering parallel financing for the operation of the same amount using the same package of policy reforms agreed with the World Bank," the World Bank said in a statement.

World Bank Governor for Egypt said the program strategically addresses some of the long-term structural issues affecting growth by focusing on three basic pillars: enhancing macro-fiscal sustainability, enabling private sector development and fostering women’s economic inclusion.

The first pillar supports improving the management of state-owned enterprises by enhancing transparency and reporting and promoting and empowering a greener and more sustainable economic recovery through the issuance of green bonds.

The second pillar builds on the first wave of reforms and supports digital and financial inclusion, the streamlining and automation of trade facilitation, and a modernization of bankruptcy processes that aim to improve Egypt’s competitiveness and private sector job creation. It also strengthens the regulatory framework for private sector participation in waste management, which provides a basis for greener and more inclusive development in the sector.

While the third pillar focuses on legislative and regulatory reforms that promote female participation in the labor force and supports government efforts to address gender-based violence. It includes steps to remove restrictions on women participation in sectors and limitations on working hours and supports the government adoption of a national code of conduct that promotes safe and decent transportation for women in railways.

“Structural reform policies are integral to Egypt’s efforts to accomplish a sustainable and resilient economic recovery that enables the economy to weather future shocks,” Mashat stressed.

“This operation will support our efforts to maintain the reform momentum and achieve the milestones necessary for inclusive growth,” she added.

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China Denies It Is Currently in Talks with Washington over Tariffs

A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 
A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 
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China Denies It Is Currently in Talks with Washington over Tariffs

A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 
A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 

Beijing on Thursday denied it has held trade talks with Washington despite repeated comments from the US government suggesting there had been engagement.

“There is currently no economic and trade negotiations between China and the United States,” the Chinese commerce ministry’s spokesperson He Yadong said.

Yadong added, “Any claims about the progress of China-US trade negotiations are groundless as trying to catch the wind and have no factual basis.”

US President Donald Trump had suggested on Tuesday that the final tariff rate on China's exports would come down “substantially” from the current 145%.

Trump told reporters that Washington is going to be “very nice” to Beijing. “145% is very high and it won't be that high,” Trump said in a question-and-answer session with reporters in the Oval Office.

Earlier in the day, Treasury Secretary Scott Bessent told a private investor conference put on by JPMorgan Chase that he believed the current situation between China and the US would not last. He told the gathered investors to expect a “de-escalation.”

On Wednesday, Trump said that any reduction in tariffs placed on China will depend on the actions of its leaders.

“It depends on China how soon the tariffs can come down,” he said speaking in the Oval Office.

Trump then confirmed that he was in direct contact with China and President Xi “every day” and that he hopes the two sides would reach a deal.

Meanwhile, Trump’s top economic adviser said he is “optimistic” that a trade deal can be cut with China.

“I’m optimistic that we will have a deal with China, and I’m optimistic that we will be able to take the temperature down a bit and provide both economies and the world breathing space,” Stephen Miran, chairman of the Council of Economic Advisers, said at Semafor’s World Economy Summit.

On Wednesday, Chinese President Xi Jinping said that tariff and trade wars undermine the legitimate rights and interests of all countries, hurt the multilateral trading system and impact the world economic order.

Also, Beijing clarified it has not held trade talks with Washington despite repeated comments from the US government suggesting there had been engagement.

Foreign Ministry spokesperson Guo Jiakun said, “China and the United States have not conducted consultations or negotiations on tariffs, let alone reached an agreement,” calling reports of such information “false news.”

Meanwhile, in Washington DC, China's central bank Governor Pan Gongsheng said China will firmly support free trade rules and the multilateral trading system, in remarks made at a G20 meeting on the sidelines of the IMF-World Bank Spring Meetings.