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Egypt to receive $1bln World Bank loan in March: central bank chief

Image for illustrative purposes.
The International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington.

Image for illustrative purposes. The International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington.

REUTERS/Yuri Gripas
CAIRO, Feb 25 (Reuters) - Egypt will receive the second $1 billion tranche of a $3 billion World Bank loan in March, Central Bank Governor Tarek Amer said on Friday.

Amer told local broadcaster DMC in an interview that the central bank would provide $1.5 billion for payments to foreign oil companies this year and that banks have started allowing foreign companies to repatriate profits.

He stressed that the central bank does not give instructions to banks regarding foreign exchange rates following its float of the pound currency and said the effects of the Nov. 3 float were not as bad as he had initially expected.

(Reporting by Ahmed Aboulenein; Editing by Catherine Evans) ((ahmed.aboulenein@thomsonreuters.com; +20 2 2394 8097; Reuters Messaging: ahmed.aboulenein.thomsonreuters.com@reuters.net))
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