ICEC

AfDB says Egypt investments record $1.9 billion since 2015

The African Development Bank (AfDB) has so far invested $1.9 billion in Egypt as part of the three-year country strategy for 2015-2019, an official in the bank said.

The money is distributed as $1 billion to support Egypt’s economic reform programme; while the remaining $900 million went for financing development projects in the country since 2015, at $300 million each year, said Leila Mokaddem, Resident Representative for Egypt at the AfDB.

The AfDB has invested more than $5 billion in 90 projects in Egypt since it began operations there in 1974, according to the Egyptian Ministry of Investment’s latest data.

An AfDB delegation will arrive in Cairo after Eid Al-Adha feast for a mid-term review required before disbursing the third and final $500 million installment of a three-year $1.5-billion loan, Mokaddem further told Amwal Al Ghad on Monday.

Mokaddem said she expected Egypt would receive the third pay out before the end of the current year or early 2018 maximum.

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