AfDB board gives nod to $500 million Egypt loan

The African Development Bank’s (AfDB) board of directors has approved Tuesday to pass US$500 million loan to support Egypt’s budget.

The money is first chunk of US$1.5 billion loan that has been negotiated with the AFDB to be sent over three years.

Egyptian Minister of International Cooperation Sahar Nasr said in a statement on Tuesday that her country would sign the AfDB agreement next Thursday, December 17th in the presence of the African bank’s president and Egypt’s Prime Minister Sherif Ismail.

Nasr said she expects to receive the World Bank and AfDB money, totalling US$1.5 billion, before this year’s end.