Meetings today discuss African Development Bank billion-dollar loan to Egypt

Ahram Online & DPA, Saturday 29 Oct 2011

The chairman of the African Development Bank arrived this morning in Cairo to discuss a possible $1.4bn loan

The Chairman of the African Development Bank, Donald Kaberuka has arrived in Cairo early on Saturday morning from Addis Ababa on a three-day visit to meet with a number of Egyptian officials.

According to sources who met Kaberuka at the airport in Cairo, the talks between both sides will include a bank loan to Egypt of about $1.4bn over the next 18 months to help finance roughly 12 projects in Egypt. Also to be discussed are the preparations for the next G20 summit, which will be held in France.

Source added that part of the $1.4bn figure mentioned includes the $550mn loan given from the African Development Bank to fund a steam power plant project in Suez, with a capacity of 650 MW.

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