African Development Bank to disburse last tranche of $1.5 billion loan to Egypt

MENA , Ahram Online , Friday 21 Sep 2018

Sahar Nasr
Egypt's Minister of Investment Sahar Nassr meeting on Friday, September 21, 2018 with an official (Photo courtesy of Ministry of Investment and International Cooperation)

The African Development Bank (AFDB) is preparing to disburse $500 million to Egypt, the third and last tranche of its $1.5 billion loan to the country, said vice-president of AFDB Khaled Sherif on Friday. 

The three-tranche loan package, which was first signed in 2015, is aimed at supporting government programs to achieve comprehensive economic and social development, enhance social justice by offering job opportunities, and improve the business operating environment noted Sherif. 

Sherif made the remarks during his meeting on Friday with Egypt's Minister for Investment and International Cooperation Sahar Nasr. 

In April 2017 Egypt received the second $500 million tranche of the loan package.

The meeting was attended by the AFDB's director general for the Middle East and North Africa Mohamed El-Azizi, the Egypt Country Manager Malinne Blomberg, and the executive director for Egypt Ahmed Zayed. 

Both sides also discussed prospects of cooperating in supporting the private sector and infrastructure in Sinai, a move that would attract investors.


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