AfDB approves $271 to support Egypt’s food security and economic resilience

African Development Bank (AfDB) approved a development financing for Egypt of $271 million, within the framework of rapid financing mechanism to face the repercussions of the global food crisis, the Egyptian Ministry of International Cooperation stated on Tuesday.

Egyptian Minister of International Cooperation Rania Al-Mashat said that the AFDB provides quick and easy financing to all African countries to implement the necessary financial and social programs to face the effects of the crisis.

The funding comes within the framework of the government’s efforts to combat the challenges facing development in the current period, as a result of global developments and their related impact on food security, Al-Mashat added.

She pointed out that the repayment period is about 20 years and five years grace period.

The development cooperation portfolio between Egypt and the AFDB exceeds $6.7 billion, through which more than 107 development projects have financed in various sectors, including $1.1 billion that has directed to financing private sector projects.