AfDB to sign Egypt’s $500 million loan today

Egypt is to sign Thursday a $500 loan with the African Development Bank (AfDB) in the presence of Egyptian Prime Minister Sherif Ismail.

The loan is tailored to support the Egyptian government’s economic reform schemes to maintain high economic growth rates.

On Tuesday, the African bank’s board of directors approved 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.

The agreement will be signed by Egyptian Minister of International Cooperation Sahar Nasr and Aly Abou-Sabaa is Vice-President of Sector Operations at AfDB.

AfDB’s ongoing portfolio in Egypt consists of a total of 32 operations totalling US$2.23 billion. Its total ratifications for 2015 worth US$692 million divided into three loans, worth US$685 million and five grants, worth US$7 million.