The World Bank Group’s board of directors approved a $50 million loan to Egypt to finance emergency response activities related to the coronavirus (COVID-19) pandemic.
Egypt has been eligible to receive $50 million loan, the maximum funding allowed for countries with population of 100 million, according to a statement released by the Ministry of International Coopration on Sunday.Volume 0%
The funding will be used to purchase and distribute medical equipment supplies and strengthen precautionary measures and medical diagnostic services to help combat the spread of the virus.
This loan comes after days of the approval of The IMF to Egypt’s request for emergency financial assistance of US$ 2.772 billion!!
Commenting on this news, the former Egyptian Minister of Investment Yehia Hamed published a tweet in which he criticized the large and fast loans obtained by the Egyptian regime
Another reason why autocratic regimes welcome foreign aid, it’s directly linked to their haven accounts!
Last February A paper the World Bank released shows that countries dependent on aid from the organization see increased flows into tax secrecy havens, suggesting that some of its funds are ending up in the wrong hands.
The Economist reported last February that the development bank allegedly tried to conceal the findings by neglecting to publish the study and that Pinelopi “Penny” Goldberg, its chief economist, would be stepping down just 15 months into her tenure…