Egypt signs AfDB $500 million second tranche deal

Egypt has signed Monday a deal to obtain a payment of $500 million from the African Development Bank (AfDB), the second of three disbursals of a $1.5 billion loan.

Egyptian Minister of International Cooperation Sahar Nasar has signed the agreement with Leila Mokaddem, AfDB’s Resident Representative for Egypt, in Cairo.

Nasr announced earlier this month that AfDB’s board has approved to disburse the second payment of the $1.5 billion budget support loan.

Egypt’s central bank has received earlier in January this year the first tranche of the AfDB loan.