Egypt Minister of Investment and International Cooperation Sahar Nasr on Sunday signed third and final tranche budget support loan worth US$500 million for governance reforms in Egypt with the African Development Bank’s (AfDB) country manager for Egypt Malinne Blomberg. This is the last in a series of three annual loans worth a total of US$1.5 billion covering the fiscal years 2015-2016 to 2017-2018 for the Economic Governance and Energy Support Program-Based Operation. The current tranche will help meet the government’s financing requirements for 2017-2018. Blomberg said the broad-based reforms are expected to lead to further inflows of investments in the country, which in turn will contribute to job creation. The African Development Bank currently has a portfolio of 30 projects in Egypt with a total commitment of US$2.4 billion.

Source: Egypt Independent January 29, 2018 10:41 UTC