African Development Bank AfDB approves $500m to Egypt

Minister of International Cooperation Sahar Nasr said that the African Development Bank approved on Tuesday extending to Egypt the second batch, worth 500 million dollars, of a total $1.5bn-loan to be offered over three years.

The decision was made after recent successful talks with the bank, she added.

The loan comes within the framework of an all-out economic and social reform program that was initiated by the Egyptian government, according to a released statement issued by the ministry.

The approval by the bank drives home a strong message to the effect that the Egyptian economy is moving steadily towards achieving comprehensive and sustainable development, she added.