International Cooperation Minister Sahar Nasr talks during an interview with Reuters in Cairo, Egypt, December 8, 2015. Egypt expects to receive $1.5 billion from the World Bank and African Development Bank by year-end to support the budget and could disc
CAIRO - 21 September 2018: The African Development Bank (AFDB) is currently taking all needed procedures to disburse the third and last tranche of its $1.5 billion loan to Egypt, Vice President of the Bank Khaled Sherif said on Friday.
The third tranche worth $500 million, he pointed out.
Sherif said that the loan seeks to support government programs that aim to achieve a comprehensive economic and social development, based on attaining social justice offering job opportunities and improving the business operating environment, he noted.
Sherif made the remarks during his meeting with Investment and International Cooperation Minister Sahar Nasr in the presence of Mohamed El Azizi the bank’s Director General for the Middle East and North Africa, Malinne Blomberg, Egypt Country Manager and Ahmed Zayed, Executive Director for Egypt at the bank.
Both sides discussed prospects of cooperation in supporting the private sector and infrastructure in Sinai, a move that contributes to luring investors.
The AFDB mission voiced the bank’s readiness to offer support needed to help push forward the economic and social development in Egypt.