Egypt hopes to receive AfDB’s $500 mln second tranche in September

Egypt hopes to receive the second tranche of the African Development Bank (AfDB)’s loan next September at maximum, the country’s international cooperation told members of the AfDB mission late Sunday.

The sum worth $500 million, which is part of a $1.5 billion loan agreement reached between Egypt and the AfDB earlier in December to support  the North African nation’s budget.

A delegation from the AfDB Group is currently visiting Egypt during the period from June 19 until June 29, aimed to resume negotiations over the bank’s $1.5 billion loan alongside governance and energy support programme.

Egyptian Minister of International Cooperation Sahar Nasr received late Sunday with the AfDB delegation in the presence of Egyptian Minister of Electricity Mohamed Shaker as well as representatives of ministries of finance, investment, and industry.

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.