ICEC

AfDB, Egypt in talks for $3bn cooperation scheme

Egypt’s Ministry of Investment and International Cooperation recently met with the African Development Bank (AFDB) in Cairo to discuss the $3 billion strategy of cooperation between Egypt and the AFDB planned for 2015-2019.

The strategy includes funding to support Egypt’s economic and social programmes with $1.5 billion, in addition to the ongoing collaboration portfolio with a value of $1.5 billion, to support infrastructure development projects, electricity, and SMEs, reported Daily News Egypt.

The two sides discussed the $150 million funding proposed by the AFDB for a sewage treatment plant in Abu Rawash, as well as the final procedures of the signing of the $500 million third tranche of the $1.5 billion loan, which Egypt has already received the first two tranches worth $1 billion.

Source: Trade Arabia

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