AfDB approves $500 million second tranche to Egypt: minister

The African Development Bank’s (AfDB) board has approved Tuesday payment of a $500 million to Egypt, the second of three anticipated disbursals of a $1.5 billion loan, Egyptian Minister of International Cooperation announced Tuesday.

The approval sends a strong message that the Egyptian economy is taking steady path towards attaining overall sustainable development, Minister Sahar Nasr said in a statement.

The AfDB has confidence in the reform measures taken by the Egyptian government, she added.

The loan, approved by the board in light of Egypt’s economic reforms, is subject to parliamentary approval, Nasr told Reuters.

Nasr did not specify when a vote might take place.