Egypt to receive $500 mln from AFDB

CAIRO, Sept 21 (SEE) - The African Development Bank (AFDB) is currently taking all needed procedures to disburse the third and last tranche of its 1.5 billion dollar loan to Egypt, Vice President of the Bank Khaled Sherif said on Friday.

"The third tranche worth $500 million dollars," 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, MENA news agency.

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.

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.