Third AfDB $500M tranche expected before year-end

CAIRO – 19 June 2017: Egypt and the African Development Bank (AfDB) will finish the procedures for a $500 million loan before the end of the year, AfDB Egypt Director Leila Mokadem said Monday.

Mokadem’s statements came during a meeting with Minister of Investment Sahar Nasr, Minister of Industry Tarek Kabil and Minister of Electricity Mohamed Shaker, along with other official representatives.

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.