Egypt to receive final $500m tranche of AfDB loan

Last updated: January 28, 2018 7:54 pm

1 Min Read

Egypt signed on Sunday an agreement to receive the third and final $500m portion of its $1.5bn African Development Bank (AfDB) loan.

The agreement was signed between Minister of Investment and International Cooperation Sahar Nasr and Malinne Blomberg, the AfDB’s country manager for Egypt.

The AfDB loan aims to finance Egypt’s comprehensive structural reform programme. The dispersion of the last tranche was approved by the board of directors of the AfDB earlier in January.

Nasr explained that this loan is intended to support government programmes aiming to achieve social and economic development through job creation, and business environment improvements.

The agreement for the first $500m portion was signed in December 2015, and that for the second tranche was in December 2016.

TAGGED:AfDB Loan

Share This Article

By Mohamed Samir

Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/