An Egyptian Cabinet minister says the government is negotiating a $4 billion loan with China.
Minister of International Cooperation Sahar Nasr is quoted by the official news agency, MENA, as saying Monday that of the $4 billion, three would be spent on development projects, mostly in the power sector. The remaining $1 billion would be used to bolster foreign reserves.
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She does not say when the negotiations began or how close Egypt is to clinching the loan.
Egypt and the International Monetary Fund reached a provisional agreement last month on a $12 billion loan over three years to overhaul the country's ailing economy. Egypt must secure at least $5 billion in bilateral loans to get the IMF funds.
Egypt's economy has been hit hard since the 2011 uprising.