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Sep 19, 12:18 PM EDT

Egypt says it's in talks with China over $4B loan

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Egypt says it's in talks with China over $4B loan

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Egypt says it's in talks with China over $4B loan

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CAIRO (AP) -- 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.

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.

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