Egypt negotiating $200 mln loan from AfDb in support for SMEs

Egypt is negotiating a $200 million funding from the African Development Bank Group to finance small and medium-sized businesses in the country, an AfDB official announced Monday.

Leila Mokaddem, Resident Representative for Egypt at the AfDB, further told Amwal Al Ghad, that the African bank is expected to conclude negotiations with Egypt within the coming year.

AfDB is currently working on the completion of a new strategy to support SMEs in Egypt to be applied soon, Mokaddem said.

AfDB’s current portfolio for Egypt has recently surged to $2.24 billion after the country received the first tranche of US$500 million as part of a $1.5 billion loan to support state budget.

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