Wednesday March 22nd, 2023
Download SceneNow app

Egypt to Receive Second $500 Million Loan From AfDB

Egypt's International Cooperation Minister, Sahar Nasr, announces that the second tranche of a $1.5 billion loan agreement, worth $500 million, has been approved by the African Development Bank.

Staff Writer

Egypt is set to receive a $500 million loan as part of the second tranche of their agreement with the African Development Bank, worth a total of $1.5 billion divided over three years, according to International Cooperation Minister Sahar Nasr.

According to Nasr, the bank’s approval for the loan is a strong signal that the Egyptian economy is heading in a positive direction, and that the money is part of a comprehensive programme that includes a plan to move 20 percent of the country's energy mix to renewable sources by 2025 and industrial zones established by the Ministry of Trade and Industry, Nasr said.

The minister also claims that the loan will go toward development work that includes social housing, youth employment, and sanitation projects, which will be subject to parliamentary approval. However, there is still no official announcement on when this vote might take place.