AfDB: Egypt to get $500 million before year-end if board approves bailout

The African Development Bank (AfDB) has made ‘good progress’ in its discussions with the Egyptian government to disburse the second tranche of the $1.5 billion budget support package, said Leila Mokaddem, AfDB’s Resident Representative for Egypt.

The AfDB’s board is likely to discuss Egypt’s proposal to disburse the second tranche before the end of 2016, Mokaddem told Amwal Al Ghad on Monday

“Good progress has been made and the AfDB’s Board is set before the end of this year, which will allow the Board to discuss the loan proposal and in turn lead to disbursement.” Mokaddem said

AfDB will continue to maintain the high-level policy dialogue in the upcoming period with the Egyptian government in key strategic sectors including energy, renewable energy, public private partnerships, social sector, and water, in order to support Egypt on its development path, Mokaddem added.

The bank will pay particular attention and strengthen its support to the poorest region, to promote decent jobs for women and youth in particular, she concluded.