AfDB current portfolio with Egypt hikes to $2.24 bln: official

The African Development Bank (AfDB)’s current portfolio for Egypt has surged to $2.24 billion, Leila Mokaddem, Resident Representative for Egypt at the AfDB, announced on Monday.

The increase came after Egypt had received the first tranche of AfDB’s loan to support the country’s state budget in addition to signing several memoranda of understanding between the two parties recently, Mokaddem told Amwal Al Ghad.

The banking official further said that the completion rate of AfDB-funded projects in Egypt had reached 72 percent, which signals the current significant ties between the African bank and the North African country.

Earlier in January, Egypt received US$500 million as part of a $1.5 billion loan December agreement reached between Egypt and the African bank. The AfDB’s loan is of 0.6 percent interest, with a five-year grace period to be paid over 20 years.