The Minister of Investment and International Cooperation Sahar Nasr announced in a press statement that Egypt has received the third and last $500m tranche of a $1.5bn loan from the African Development Bank (AfDB).
Nasr stated that the $500m fund will be directed to support development projects, with priority given to economic and social sustainable development, which depend on social justice, providing employment opportunities, and improving the investment climate.
Notably, the AfDB’s portfolio in Egypt currently has 30 projects with total funds of $2.4bn.
The minister stated that the AfDB’s continued support to Egypt, as well as the international financial institutions, is a strong message that the Egyptian economy is steadily moving towards a comprehensive and sustainable fiscal development, stressing that the bank is confident in the measures taken by the government.
The coming period will witness increased cooperation between Egypt and the AfDB, Nasr affirmed.
Earlier, last week, the minister met with the AfDB’s mission to Egypt, and discussed with them the procedures of disbursing the last tranche of the funds allocated to Egypt, which complete the $1.5bn loan.