The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast, September 16, 2016. - Reuters
CAIRO – 3 October 2017: Egypt will receive third tranche of the African Development Bank (AfDB) in January, vice president of the bank Khaled Fouad Sherif announced in a Tuesday statement.
The original date of receiving the tranche was previously reported by the AfDB to be before the end of 2017.
The $500 million is the third tranche of a three-year $1.5 billion loan approved by the AfDB in 2015 to finance the Egypt Economic Governance and Energy Support Program.
With the first two tranches already disbursed at $500 million each, the program aims to support sustainable growth in Egypt through financing the fiscal, governance, energy, business and climate sectors.