The World Bank and its affiliated International Development Association is lending Egypt $120 million for various projects including re-opening the Suez Canal, it was announced here today. A 550 million loan toward the $288 million canal clearance project will be provided by the World Bank, repayable over 20 years at an interest rate of eight percent.
The World Bank and the IDA are providing $70 million to help improve facilities at the port of Alexandria and to expand Egypt’s industrial and agricultural capacity. The Bank’s $35 million share is repayable over 25 years at eight percent while the IDA will extend interest-free credit for 50 years.
Clearance of the Suez Canal is being carried out by the Egyptian-owned Canal Authority with the assistance of the French, British. Soviet and U.S. navies. The project is expected to be completed by early 1978 but some ships will be able to navigate the waterway early next year. The World Bank noted that Kuwait, Saudi Arabia and the United Arab Emirates have already put up $126 million toward the canal clearance project.
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