Egypt signs third $500 mln tranche of $1.5 bln AfDB loan

Egypt has signed an agreement for a third $500 million tranche of a $1.5 billion loan package from the African Development Bank (AfDB).
Sahar Nasr, minister for investment and international cooperation, signed the deal on Sunday with AfDB's Egypt manager Malinne Blomberg.

The funding is intended to support Egypt's economic reform programme, according to a minstry press release.

Nasr said the deal sends a strong message, affirming that the Egyptian economy is moving firmly long the path to sustainable and comprehensive development.

She said the $500 million would be used to fund the country's social-security system, which does not currently meet the needs of citizens.

Blomberg said the AfDB's funding package was designed to support sustainable growth in Egypt, to help enhance governance and offer direct job opportunities.

She pointed out that the Egyptian government has already shown a commitment to carrying out reforms, as well as investments, growth, and energy sustainability.