Egypt denies allegations of receiving explosives shipment for Israeli defense firm
Egypt's military on Thursday denied reports claiming it aided Israeli military operations, following news that an Egyptian port
The World Bank has revealed ambitious plans to extend more than $6 billion in financial assistance to Egypt over the next three years, aiming to bolster the nation's development agenda. The aid package includes a provision of $3 billion for government initiatives and another $3 billion earmarked for the private sector, pending approval from the World Bank’s board of directors, according to a statement from the multinational lender.
Egypt, the Arab world’s most populous nation is in dire need of financial support as it grapples with a profound economic crisis marked by rapid inflation. The nation's economy, dominated by military-affiliated enterprises, has been buffeted by economic shocks, including attacks on shipping in the Red Sea by Houthi rebels which have severely curtailed Suez Canal revenues, depriving Cairo of a crucial source of foreign currency.
The World Bank's new loan commitment comes as part of a wave of support from the United Arab Emirates and the International Monetary Fund. Earlier this month, the IMF approved an expanded $8 billion loan package for Egypt after Cairo launched significant reforms, including increasing interest rates and transitioning to a flexible exchange rate.
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