AfDB hopes to conclude Egypt $500 tranche loan measures before year-end

The African Development Bank (AfDB) hopes to complete all measures related to the disbursal of the third $500 million tranche of Egypt’s $1.5 billion loan before the end of this year, an official said Monday.

The AfDB delegation, which is currently visiting Egypt, has expressed optimism about the recent economic reforms adopted by the Egyptian government, Leila Mokaddem, Resident Representative for Egypt at the AfDB, added.

The delegation also sees that the Egyptian market is currently in a good shape to attract more investments, Mokaddem said.

The AfDB official made these remarks as a new round of talks took place in Cairo on Monday between the bank and the Egyptian government.

Egyptian Minister of Electricity Mohamed Shaker, Minister of Investment and International Cooperation Sahar Nasr, and Minister of Industry Tarek Qabil were present in meeting with the AfDB delegation, to discuss the third loan tranche.

Egypt received earlier in April the second $500 million tranche of a $1.5 billion loan from the AfDB, a package designated o support government programmes that aim to achieve social and economic development by creating new jobs and improving the business environment.