Saturday, April 1, 2017

Egypt gets $500m loan tranche to fund government schemes

Egypt has received the second $500 million tranche of a $1.5 billion African Development Bank (AfDB) loan, which will go towards a government economic reform programme and specifically towards job creation and  social spending, said a report.

The loan is being disbursed by AfDB in three tranches over three years to help boost the Egyptian budget, reported Emirati news agncy Wam, citing a senior minister.

It is intended to support government programmes that aim to achieve social and economic development by creating new jobs and improving the business environment, remarked Investment and International Cooperation Minister Sahar Nasr.

In December last year, Nasr signed a deal for the second tranche of the $1.5 billion loan, it added.

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