AfDB, Egypt sign two grants and loan worth $2.25mn and €50.2mn

Egypt and the African Development Bank (AfDB) signed Sunday two grants and a loan worth US$2.25 million and €50.2 million, respectively.

Egyptian Minister of International Cooperation, Sahar Nasr has signed the agreements with Leila Mokaddem – AfDB’s African Resident Representative for Egypt – in Cairo in the presence of Ministry of Trade and Industry, Tarek Qabil.

The first grant worth one million dollars is an effort to alleviate the plight of flood-stricken areas throughout Egypt, notably Alexandria. The second grant is at value of US$1.25 million, dedicated for resuming a project to develop a robust Clearing, Settlement and Depositary (CSD) System for Government Securities at the Central Bank of Egypt (CBE).

Meanwhile, the loan, amounting to €50.2 million, will go for funding the third phase in Egypt’s sanitation national programme.