Prime Minister Sherif Ismail witnessed Saturday the signing of a loan agreement with the World Bank (WB).

The agreement, which stipulates that Egypt will have from the bank three billion dollars, was inked by International Cooperation Minister Sahr Nasr and the WB's regional director.

The loan, which will finance budget deficit, will be repaid over 35 years with a fiver-year grace period and 1.6 percent interest rate.

During a press conference following the inking of the agreement, Nasr said that the money will also be used to develop some areas such as Port Said and Sinai peninsula as well as upgrading the sanitation system and the housing of the low-income people.

The loan is considered a confidence certificate from the WB on the reform steps taken by the government on the economic and social domains, Nasr reiterated.

Sources: MENA