AfDB to approve third $500 mln loan tranche to Egypt this year – official

The African Development Bank will disburse the third tranche, worth $500 million, of a $1.5 billion loan package to Egypt within this year, said Leila Mokaddem, AfDB’s Resident Representative for Egypt, on Sunday.

Egypt signed in December 2015 and agreement with the AfDB for a loan worth a total of $1.5 billion over the course of three years.

The AfDB loan is intended to support government programmes that aim to achieve social and economic development by creating new jobs and improving the business environment.

The AfDB handed Egypt the first batch of the loans to support Egypt’s budget, which also amounted to approximately $500 million, in January 2016.

Later in December 2016, Egypt received on Monday the second tranche, worth USD 500 million, of a $1.5 billion loan package from the AfDB.