Egypt in talks to boost cooperation portfolio with AfDB: minister

Egypt is negotiating to increase its upcoming cooperation portfolio with the African Development Bank (AfDB), Minister of International Cooperation Sahar Nasr announced Monday.

Speaking at Euromoney Egypt Conference kicked off in Cairo, Nasr said her ministry succeeded in boosting its portfolio with the AfDB from $1.5 billion to $3.5 billion for the period from 2015 until 2019.

Nasr further said she would meet with the deputy chief of AfDB in Washington DC between 7-9 October on the sidelines of the upcoming IMF and World Bank annual meetings.

The Egyptian minister is set to discuss with the AfDB official the possibility of increasing the joint portfolio alongside receiving the $500 second tranche of the bank’s loan to support the state budget soon.